NEW YORK CITY—Having planted a flag near the High Line in Midtown South, the Bauhouse Group has now established a presence in what might be called Midtown North. The development and investment firm on Friday said it had paid $32 million to acquire three contiguous walkup apartment buildings in the Sutton Place neighborhood.

Eastern Consolidated senior director Adelaide Polsinelli and her colleague, associate director Andrei Danshes, represented both Bauhouse Group and the buildings' seller, who was not identified. The assemblage at 428-432 E. 58th St. contains 22 individual apartments between Sutton Place and First Avenue.

“Sutton Place is a deeply undersupplied neighborhood with tremendous upside potential,” says Polsinelli. “This was a complex transaction to pull together. There were many moving parts and dozens of challenges,” and she credits Bauhouse's managing member, Joseph Beninati, with handling the deal “with skillful precision.”

For Bauhouse, it's the second New York City project following its acquisition last March of 515 W. 29th St., said to be the only property in Manhattan framed on two sides by the High Line park. The company is building a $125-million luxury condominium on the site.

Known as 515 Highline, the project has been designed by architect Soo K. Chan, and apartments there will range in price from $5 million to $25 million. 515 Highline is slated to begin sales this spring.

Beninati established himself in commercial real estate with Antares Investment Partners, which he cofounded with Jim Cabrera in 1996. Bauhouse has various other deals in the pipeline throughout the tri-state area, which are expected to be announced early this year.