118 59Th St New York, NY 10022
- Land
Current Use by Public Records
- Athletic Style / Embroidery Shop
Property Details for 118 59Th St
- Property type
- Land
Description
This exceptional development opportunity presents a 77,000-square-foot buildable site at 118-120 East 59th Street in New York City's coveted Plaza District. The site boasts 50 feet of frontage on East 59th Street, between Park and Lexington Avenues. Currently vacant and demolished, this property offers significant cost savings for developers. Zoned C5-2.5 MiD, it allows a maximum Floor Area Ratio (FAR) of 12.0 for commercial, residential (with off-site inclusionary), or community facility uses, translating to a maximum as-of-right Zoning Floor Area (ZFA) of 60,252 square feet. Approximately 16,487 square feet of development rights have been acquired, along with a light and air easement from the adjacent 116 East 59th Street, enabling a building cantilever. Pre-approved architectural plans from SLCE Architects LLP, though expired, are available, detailing a 40-story building with 29 units and utilizing approximately 76,739 ZFA. This location offers unparalleled access to high-end retail, restaurants, Central Park, the Plaza Hotel, MoMA, and multiple subway lines (4, 5, 6, N, R, and W) at the Lexington Avenue/59th Street station. The flexible zoning caters to diverse development plans, capitalizing on the area's strong residential, commercial, and tourist demand. This is a truly unique opportunity to create a landmark property in one of Manhattan's most desirable neighborhoods.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.969
- Latitude
- 40.7623
