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.
Highlights
77,000-square-foot buildable site in Manhattan's Plaza District, at 118-120 East 59th Street.
Demolished and vacant, offering significant cost savings.
C5-2.5 MiD zoning allows 60,252 square feet as-of-right ZFA, with a 12.0 FAR.
Includes 16,487 square feet of purchased development rights and a light and air easement.
Expired pre-approved architectural plans (SLCE Architects LLP) for a 40-story, 29-unit building are available.
Prime location near Central Park, luxury retail, restaurants, and the Lexington Avenue/59th Street subway station (4, 5, 6, N, R, W trains).
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Contacts
Bob Knakal
Ryan Candel
Jas Saini
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118 59Th St, New York, New York, 10022
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118 59Th St
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