Permits Filed: 38-Story Tower Coming to 118 East 59th Street
Another day, and new filings for yet another tower coming to the island of Manhattan: the first permits are up for a 38-story building that will rise at 118 East 59th Street, in Midtown East, between Park and Lexington Avenues. SLCE is the architect of record, and Neo Que Yau of Euro Properties is listed as the developer; earlier this year, Curbed reported that Soo Chan, architect of 515 West 29th Street, would be helming the design.
The building will stand 470 feet tall, so ceiling heights will be generous, but the actual scope of the project will be surprisingly small. Besides 6,326 square feet of commercial space, the building will have 70,260 square feet dedicated to residential use, split between 29 units.
That translates into an average apartment size of over 2,000 square feet, but the arrangement of units will result in most residences spanning entire or multiple floors, which is very uncommon amongst new developments in New York City — and also signals that condominiums are very likely.
118 East 59th Street traded hands late last year, per The Real Deal, when the Rudd family sold the 5,025 square-foot lot to the current developer for $49 million. 116 East 59th Street’s air rights were also acquired for $6.1 million, resulting in the complete assemblage, which is apparently large enough for a tower of substantial height.
It would seem that the developers are capitalizing on the site’s location, given the height. While 118 East 59th Street is slightly removed from the heart of the ultra-luxe boom, 432 Park Avenue and 520 Park Avenue are both within a few blocks, and 252 East 57th Street is also a few blocks to the southeast.
No completion date has been announced.
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