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Euro Properties Exits Stake in East 59th Street Site
Hong Kong-based Euro Properties has sold its managing stake in the development site at 118 E. 59th St. The buyer is a company related to Yuzhou Properties Group, which will continue to manage this development.
Euro Properties acquired the site in 2014 for $55 million. The company sold its position in the investment for $25.9 million, reflecting a total value of more than $74 million.
The company commissioned SCDA Architects to design a 40-story residential condominium tower on the site. “Our ambitious plans for 118 E. 59th were executed with precision and care, and are now in the hands of a new driving force,” said Euro Properties’ Stephany Chen.
Euro Properties also invested in three residential sites in the tri-state region, in Greenwich and New Canaan, CT and in the Long Island community of Sands Point. The company completed its improvement plans to the Greenwich property and has sold it.
Pictured: Rendering of 118 E. 59th St.
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- ◦Development
- ◦Sale/Acquisition
