EXECUTIVE SUMMARY

The site is located in the prestigious Plaza District, between Park Avenue and Lexington Avenue, directly adjacent to Billionaires Row. Additionally, this site is located within favorable C5-2.5 zoning, allowing developers to take advantage of 12.0 FAR and the flexibility to create a truly unique mixed-use project unhindered by Landmark or Historic District status. This shovel-ready site has DOB pre-approved plans for a 40-story tower designed by SCDA Architects, with the potential to create an iconic addition to the Midtown Manhattan skyline.

118 East 59th Street also benefits from the acquisition of adjacent air rights at Lot 65, adding an additional 16,487 SF of total development rights for a new total of 76,739 SF. The layouts for these residences will include one to four-bedroom condos, ranging from 1,511 SF to 5,286 SF in size, with a select number of duplex units and an additional penthouse which will boast panoramic Central Park views. Potential purchasers have the opportunity to capitalize on the unique ability to create a world-class structure in a prime area of Manhattan.

BREAKDOWN
Total GFA (Proposed): 96,574.16
New Building Including Basement
Zoning Area SF: 76,738.87
Residential Zoning Area 70,823.12
Commercial Zoning Area 5,915.75
Basement (2 Floors): 14,924.43
Stories: 40 + 2 basement

PROPOSED DEVELOPMENT UNIT BREAKDOWN
Layout
Number of
Units Unit Size
1 Bedroom 6 1,540
2 Bedroom 20 1,770
3 Bedroom – Duplex 2 3,227
4 Bedroom – Triplex 1 5,286

South side of East 59th Street
between Park and Lexington Avenues

ASSET OVERVIEW

Address
118 East 59th Street,
New York, NY 10022

Block / Lot 1313 / 63

Lot Dimensions (Approx.) 50’ x 100.42’

Lot SF (Approx.) 5,021

PROPERTY FEATURES

Zoning: C5-2.5 (MiD)

FAR:
Commercial: 12.00
Residential: 10.00
Base Buildable SF (Approx.): 60,252

Air Rights (Approx.): 16,487 (Purchased From 116 East 59th Street)

Available Development Rights: 76,739 (Per DOB Plans Filed)

RE Tax Assessment (19/20): $1,538,460

Actual RE Taxes (19/20): $161,754