Rudd family sells Midtown site to Asian firm for $49M

A newcomer to NYC, buyer plans a mixed-use tower with high-end retail

New York /
Dec.December 18, 2013 02:42 PM

The Rudd family, led by Rudd Realty Management owner Frederick Rudd, has sold a prospective Midtown development site to an Asian investment firm for $49 million.

The 5,025-square-foot lot, at 118 East 59th Street between Park and Lexington avenues, currently houses a four-story retail and office building.

The buyer is Euro Properties, a developer with offices in Beijing, Hong Kong, Singapore and Tokyo. Euro has developed residential projects in Hong Kong, Singapore, China and the U.S., according to its website, but does not appear to have been involved in any New York City-based properties.

William Zaccaria, an attorney who represented Euro in the deal, said the company’s plans are to tear down the existing building and construct a new mixed-use tower with high-end retail at the base. While the company has not finalized its plans, the upper floors will likely be residential condos, he said.

The site is primed to support a building of up to 79,000 square feet as of right and could be transformed into a boutique hotel or a residential mixed-use development, according to an offering memo obtained by The Real Deal.

Euro also appears to have purchased development rights and a light, air and views easement from the owner of the property next door, at 116 East 59th Street, for $6.18 million, property records show.

Neither Rudd nor Euro immediately responded to requests for comment. It was not clear if there had been any brokers involved in the deal.

The Rudd family has owned the property since 1981, public records show.

No plans for development on the site have been filed so far with the city Department of Buildings.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Aby Rosen and the Gramercy Hotel (Getty, Google Maps)
Solil Management sues to end RFR’s Gramercy Park Hotel lease
Solil Management sues to end RFR’s Gramercy Park Hotel lease
Judge Katherine Levine (Getty)
Gowanus rezoning may move forward as soon as Monday
Gowanus rezoning may move forward as soon as Monday
Jake’s 58 (Google Maps, iStock)
Suffolk OTB to acquire Jake’s 58 in $120M deal
Suffolk OTB to acquire Jake’s 58 in $120M deal
Onni’s Halsted Point mixed-use project would rise over 8 acres on Goose Island, and include five towers. (H2Studio)
Onni Group details 2.6K-unit megaproject to reshape Goose Island
Onni Group details 2.6K-unit megaproject to reshape Goose Island
Photo illustration of Fredrik Eklund and Dottie Herman (iStock, Getty)
Douglas Elliman expands into tight Texas housing market
Douglas Elliman expands into tight Texas housing market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...