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118 59Th StNew York, NY 10022

Prime Plaza District, 77,000 buildable sq ft

Overview

Added:
Dec 11, 2024
Days on market:
116
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).

Property Details for 118 59Th St

Property type
Land

Location Insight

City
New York
County
New York
State
New York
Latitude
40.7623412
Longitude
-73.9690306
118 59Th St, New York, New York

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118 59Th St
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