Overview
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 commercial, of which 10.0 FAR can be for residential purposes. 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).
Investment 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.
