Prime Midtown Development
For Sale
Contact for pricing
118 E 59th St, New York, NY 10022
Development site in Plaza District with flexible zoning.
Property SizeContact for details
Lot Size0.12 Acres
Days on Market669
Property Features for 118 E 59th St
General Information
Standard status
Active
Lot size
0.12 Acres
Property subtype
Land
Listing Agency:
BKREA
(917) 509-9501
Listed By:
Bob Knakal · License #NY 10301211305
Source:
Crexi
Added: Oct 11, 2024
Changed: Aug 8
Last Checked: May 12 at 9:04PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BKREA
Investment Insights
Based on property information with market context.
Located in the heart of the Plaza District in Midtown Manhattan, the site at 118-120 East 59th Street presents a development opportunity. The site features 50 feet of frontage along the south side of East 59th Street, between Park and Lexington Avenues. 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, residential (with off-site inclusionary), or community facility uses. This translates to an as-of-right maximum ZFA of 60,252 square feet. Additionally, approximately 16,487 square feet of development rights have been purchased, as well as a light and air easement from 116 East 59th Street (Lot 65), which allows the new building to cantilever over the remaining 116 East 59th Street building. Plans from SLCE Architects LLP, which were previously approved but have since expired, 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. The site is currently demolished. The flexible zoning in the C5-2.5, MiD district 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 restaurants, retail outlets, and tourist attractions, including Central Park, the Plaza Hotel, and the MoMA. It also benefits from access to subway stations, including the Lexington Avenue/59th Street station, which offers the 4, 5, 6, N, R, and W lines.
Key Highlights
- Prime Plaza District location in Midtown Manhattan, offering high demand.
- Significant development potential with C5‑2.5 MiD zoning, allowing for a maximum FAR of 12.0 and as‑of‑right maximum ZFA of 60,252 square feet.
- Cost savings due to the site already being demolished.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,480
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Development site in Plaza District with flexible zoning.
Where is this commercial land located?
The property is located at 118 E 59th St New York, NY.
What are key features of this property?
This property features: Prime Plaza District location in Midtown Manhattan, offering high demand.; Significant development potential with C5‑2.5 MiD zoning, allowing for a maximum FAR of 12.0 and as‑of‑right maximum ZFA of 60,252 square feet.; Cost savings due to the site already being demolished.
