118 E 59th St New York, NY 10022
Development site in Plaza District with flexible zoning.
Type:Land
Lot size:
0.12 Acres- Added:
- Oct 11, 2024
- Days on Market:
- 559
- Last Refresh:
- Mar 17 at 1:13 pm
Property Features for 118 E 59th St
General Information
- Standard status
- Active
- Lot size
- 0.12 Acres
- Property subtype
- Land
Listing agent Bob Knakal License #NY 10301211305
Listing office BKREA
Listing date Oct 11, 2024
Source Crexi
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
Overview
Prime Midtown Development Opportunity
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.
Location Intelligence
Current Use by Public Records
Athletic Style
Production Facility
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9217886
- Latitude
- 40.651376
Nearby Similar for Sale
FAQs
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.
