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Development Site Comes to Market with Approved Plans
Cushman & Wakefield has been hired to sell 118 E. 59th St., an approximately 96,574-square-foot development site in Midtown East. The firm’s Will Conrad will lead the marketing efforts on behalf of the owner, 118 East 59th Street Realty LLC.
“118 E. 59th is an unbelievably rare development opportunity,” said Conrad. “We are confident that local and foreign developers will be extremely competitive with their offers.
“The project is substantial enough for institutional investors’ appetite but small enough for a mid-size development group,” he continued. “Given the quality of this site, we intend to achieve above-market pricing.”
The Department of Buildings has approved plans to build a 40-story apartment tower on the site, with 39 ultra-luxury units. Commercial space in the cellar and first two floors has been proposed, with a variety of amenities and a clubhouse to be located on floors three to five.
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