A fast algorithm for constructing balanced binary search trees

We suggest a new non-recursive algorithm for constructing a binary search tree given an array of numbers. The algorithm has $O(N)$ time and $O(1)$ memory complexity if the given array of $N$ numbers is sorted. The resulting tree is of minimal height and can be transformed to a complete binary search tree (retaining minimal height) with $O(\log N)$ time and $O(1)$ memory. The algorithm allows simple and effective parallelization.