The Real Deal New York

Macklowe seeks $264M sellout at 200 East 59th Street

Condo tower to feature 68 units averaging $4M

November 02, 2016 03:45PM
By Konrad Putzier

Renderings of 200 East 59th Street

UPDATED, Nov. 2, 4:35 pm.: The New York state Attorney General’s office approved an offering plan for Macklowe Properties’ condominium-and-retail development at 200 East 59th Street with a projected sellout of $264.1 million.

The 35-story tower will feature 68 units averaging around $4 million. The property will be divided between 99,848 square feet of residential space and more than 18,000 square feet of retail space.

According to a source, the offering plan does not include the retail portion and the three penthouse floors. Macklowe TRData LogoTINY is seeking $40 million from EB5 investors for the project. Advertising materials on an EB-5 broker’s website claim that the project will cost $278 million.

The developer bought the site for 31.3 million in July 2014, property records show.

Located at the corner of Third Avenue, 200 East 59th Street sits two blocks from Macklowe and CIM Group’s 1,396-foot-tall supertall 432 Park. Macklowe is also converting the former office building at 1 Wall Street into condos and rentals and is in the market for a $1 billion construction loan.

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