The Real Deal New York

Euro Properties makes NYC debut with $210M tower on 59th St.

Asian investment firm paid $49M last year for site

December 15, 2014 12:07PM
By E.B. Solomont

From left: Neo Yau Que, 118 East 59th Street and a floor plan of the penthouse

From left: Neo Yau Que, 118 East 59th Street and a floor plan of the penthouse

Asian investment firm Euro Properties wants to top off its luxury mixed-use tower on East 59th Street with a $30 million penthouse. The 38-story tower at 118 East 59th Street will have 29 full-floor residences starting on the eighth floor, according to a condo offering plan filed with the Attorney General’s office. The total offering is for $210.6 million. Brown Harris Stevens is marketing the property. According to the offering plan, the penthouse measures 4,869 square feet and has three bedrooms. One-bedroom condos start at $2.9 million and two-bedrooms start at $3.7 million. Two duplex condos, measuring 2,989 square feet, are asking $15.5 million and $16.5 million. Storage units in the building will go for $45,000.

The floor plan for a penthouse at 118 East 59th Street

The floor plan for a penthouse at 118 East 59th Street

Euro Properties paid $49 million in 2013 for the site, which had been owned by the Rudd family since 1981. Euro, which is run by Neo Que Yau, also purchased development rights and a light, air and views easement at the property next door, 116 East 59th, for a little more than $6 million. Together, the sites could support a building of up to 79,000 square feet, as TRD reported at the time.

Current plans, filed with the city’s Department of Buildings, call for razing the existing four- and six-story buildings on the site and constructing a new structure with 76,586 square feet. According to the building plans, 70,260 square feet would be designated as residential space and 6,326 square feet would be commercial space. SLCE is the architect of record, while a representative for Euro said that Soo Chan of SCDA Architects is designing the tower.

The site, between Park and Lexington Avenues, is part of the changing retail corridor along 57th Street, and not far from the high-end towers rising along Billionaire’s Row. The property is several blocks away from Macklowe Properties’ 432 Park Avenue, as well as a development site at 85-989 Third Avenue, which Macklowe bought for $100 million in August. Euro Properties has developed residential projects in Australia, Hong Kong, Singapore and the U.S., including Long Island and Greenwich, Conn., according to its website. The 59th Street tower is the developer’s first project in New York City.

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