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What's happening in your backyard? YIMBY News delivers the day's top five new development stories to your inbox every weekday morning.

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Midtown East

143 East 60th Street

Development Assemblage At 143 East 60th Street In Contract, Midtown East

Only placed on the market earlier this month, Kuafu Properties is in contract to acquire the development assemblage spanning 143-161 East 60th Street, on the northern edge of Midtown East, for more than $300 million. A 280,000 square-foot residential building with a retail portion could be accommodated at the site, and rumor has it that condominiums are likely planned. Six low-rise buildings — the largest being 11 stories — currently occupy the site.


Midtown East Rezoning

City Expected To Receive Midtown East Rezoning Recommendations This Summer

A committee assigned to propose changes for Midtown East’s zoning is expected to submit plans with the City by June 30th, hopefully facilitating a rezoning that would be formally crafted by the Department of Planning. The rezoning may give developers a boost in FAR in return for funding transit improvements. Also, developers may be able to transfer air rights from landmarked buildings to other properties within the district as-of-right, according The Wall Street Journal.




143 East 60th Street

Large Development Assemblage At 143 East 60th Street Placed On Market, Midtown East

World Wide Group has placed an assemblage of buildings, spanning 143-161 East 60th Street, in Midtown East, on the market as a development site for what is being valued north of $300 million, according to Crain’s Business. Six buildings are included in the assemblage, most being townhouses in the four- and five-story range, but an 11-story building exists at No. 155. A 280,000 square-foot residential and retail building could be built, but the tower could be even larger if a developer chooses to satisfy the inclusionary housing bonus.


425 Park Avenue

Planned 47-Story Office Building At 425 Park Avenue Receives Financing, Midtown East

L&L Holdings and GreenOak Real Estate have landed a $556 million construction loan for their 47-story, 893-foot-tall office building planned at 425 Park Avenue, in Midtown East. The developers are expanding the existing 32-story building office building to accommodate 670,000 square feet of modern office space. Partial demolition begins this month, and the building is scheduled to open in 2018.




118 East 59th Street

38-Story Condominium Tower At 118 East 59th Street Revealed, Midtown East

The New York Times has revealed full renderings for the planned 38-story, 29-unit condominium tower at 118 East 59th Street, in Midtown East. YIMBY brought you news of the project last fall, which the Chinese firm Euro Properties is developing. Soo K. Chan, of SCDA Architects, is designing the 70,260 square-foot structure and all the condos – starting at 1,400 square feet — will span at least one floor. Demolition of the site’s former four-story buildings is complete and construction begins in June.


One Vanderbilt

SL Green’s One Vanderbilt Moves Another Step Closer to Reality

The City Council has voted to approve the re-zoning of a five-block stretch of Vanderbilt Avenue in Midtown East, per Capital New York. SL Green’s proposed 67-story, 1,501-foot-tall  One Vanderbilt is the first building to maneuver the rezoning, and a full-council vote could come as early as the end of May. SL Green is funding $220 million in transportation improvements for Grand Central, and completion is expected in 2020.