Listing Details
- Space Type
land
- Sub Category
commercial
- Date Listed
10/29/2024
Property Specifics
- Property Name
118-120 East 59th Street
- Building Size
76,739 SF
- Lot Size
5,021 SF
- Zoning
C5-2.5 MiD (Special Midtown District)
Highlights
• Flexible Zoning Opportunity: The favorable C5-2.5, MiD allows residential, commercial, and community facility enabling the execution of a variety of different business plans. • Vacant Possession: The site has already been demolished, creating a fully vacant development area that allows developers to benefit from time and cost savings. • Transferred Development Rights: Ownership has already purchased 16,487 ZFA of air rights and a light & air easement from the neighboring 116 East 59th Street. • Architectural Plans: Current ownership has maintained a set of plans conducted by SLCE Architects LLP calling for 40 stories and 29 units. These plans were once approved but have since expired. • Tremendous Plaza District Location: The site is situated in one of the most desirable enclaves in Manhattan and is set to benefit from the neighborhood’s incredible demand drivers. • Convenient Accessibility: The site is just steps from the Lexington Avenue / 59th Street Subway Station allowing connectivity throughout the city by way of the 4,5,6, N, R, and W.
Description
BKREA has been retained on an exclusive basis to arrange for the sale of 118-120 East 59th Street (“The Site”), an incredible development opportunity in the heart of the Plaza District in Midtown Manhattan. The site features 50 feet of frontage along the south side of East 59th Street between Park and Lexington Avenues. Currently, the site is demolished, providing prospective purchasers with cost savings. The development lot comprises 5,021 square feet and is located in the C5-2.5 MiD (Special Midtown District), allowing for a maximum FAR of 12.0 for either commercial, residential (with off-site inclusionary), or community facility uses. This translates to an as-of-right maximum ZFA of 60,252 square feet. Additionally, ownership has purchased approximately 16,487 square feet of development rights (according to SLCE plans- the exact amount should be confirmed by the purchaser) as well as a light and air easement from 116 East 59th Street (Lot 65), which allows the new building to cantilever over We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. You and your tax and legal advisors should conduct your own investigation of the property and transaction. 03 the remaining 116 East 59th Street building. Current ownership has a set of plans from the renowned SLCE Architects LLP that were previously approved but have since expired. These plans are readily available in the data room. The plans call for 29 units spread across 40 stories, utilizing approximately 76,739 ZFA of which roughly 16,487 ZFA is transferred from the neighboring property. 118-120 East 59th Street is an outstanding boutique mixed-use development opportunity due to the flexible zoning in the C5-2.5, MiD district. This zoning allows a future development to capitalize on the residential, commercial, and tourist demand drivers in the Plaza District. The site is within walking distance of a variety of restaurants, high end retail outlets, and several of the city’s top tourist attractions, including Central Park, the Plaza Hotel, and the MoMA. Furthermore, the site benefits from convenient access to several subway stations, including the Lexington Avenue/59th Street station, which offers the 4, 5, 6, N, R, and W lines.