New York, NY – August 27, 2019 – Cushman & Wakefield announced today that the real estate services firm has been retained on an exclusive basis to sell 118 East 59th Street, an approximately 96,574 gross square foot development site located in Midtown East.
Cushman & Wakefield’s Will Conrad will be leading the marketing efforts on behalf of the owner, 118 East 59th Street Realty LLC.
“118 East 59th Street is an unbelievably rare development opportunity,” said Will Conrad of Cushman & Wakefield. “We are confident that local and foreign developers will be extremely competitive with their offers. The project is substantial enough for institutional investors’ appetite but small enough for a mid-size development group. Given the quality of this site, we intend to achieve above-market pricing.”
The proposed 40-story property at 118 East 59th Street is located between Park and Lexington Avenues and has DOB approved plans for 39 ultra-luxury units. The potential gross total floor area of the site is 96,574 square feet with 76,718 square feet of zoning floor area. Commercial space in the cellar and first two floors has been proposed, with a plethora of amenities and a clubhouse to be located on floors three to five.
There are no other available development sites in Manhattan offering all of the following attributes, including views of Central Park, Department of Buildings-approved plans and boutique floor plates. The development is located within the global epicenter of fashion, culture and fine dining. Neighbors to the property include Bloomingdale’s, The Plaza Hotel, Billionaires’ Row, Saks Fifth Avenue and The Four Seasons Hotel. It is within walking distance to the Lexington Avenue/59th Street station offering access to the 4, 5, 6, N, R and W trains.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.