Euro Properties might sell troubled 118 East 59th condo project: sources

Firm just brought in new marketing team for its first US project, but is also quietly seeking buyer

New York /
May.May 23, 2016 03:05 PM

UPDATED: May 24, 11:45 a.m.: Asian investment firm Euro Properties made waves in 2014 when it announced its intention to become the first Chinese developer to build a ground-up Manhattan condominium. But its vision for the 29-unit “bespoke” tower at 118 East 59th Street haven’t gone as planned — the company is already shifting its marketing strategy to compete with nearby condo developments, and multiple sources told The Real Deal that Euro Properties might even sell the site altogether.

Several sources with knowledge of Euro Properties’ thinking said the firm is weighing two options: make further progress on the construction of the 40-story building before relaunching sales, or cut bait.

Sources told TRD that the firm, led by CEO Neo Que Yau, has been quietly seeking a buyer for the property and is targeting a sale price just shy of $100 million.

Euro Properties, which paid $55 million for the property and air rights, could not be reached for comment. The developer has also racked up a slew of construction violations at the site, which late last week was padlocked. It’s unclear if construction is active.

In January, Brown Harris Stevens Development Marketing resigned from the project, a spokesperson for the firm said.

The Hong Kong-based company severed ties with Great Ink Communications in the spring and tapped Nest Seekers International’s Regis Roumila, Silvette Julian and Ryan Serhant as the building’s marketing agent.

Reached on Friday, Serhant confirmed to TRD that he signed on about a month ago to re-launch sales at the project, which is now dubbed Park Fifty Nine, according to a teaser website. But the co-star of Bravo TV’s “Million Dollar Listing: New York” declined to say when that would be.

Euro Properties had been eyeing a total sellout of $210 million, but the latest filings with the state Attorney General’s Office indicate the target has moved to $264 million. Sales originally kicked off at 118 East 59th Street in November 2015, but it’s unclear if any units sold.

In an interview with Bloomberg last year, Neo said he was still bullish on the New York market, even as global markets were slumping. “There’s a lot of room for the New York market to grow,” he said. “Turmoil in the Chinese economy will result in more flight to safety.”

The story was updated to include a response from Brown Harris Stevens. 


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Martha’s Vineyard, home prices, inflation
On Martha’s Vineyard, even doctors priced out of homes
On Martha’s Vineyard, even doctors priced out of homes
From left: Boston Mayor Michelle Wu and South Boston Senator Nick Collins with Boston City Hall
Controversial transfer tax bill advances in Boston
Controversial transfer tax bill advances in Boston
Frank Lloyd Wright with 1425 Valley View Drive (Getty, Re/Max)
Unique Frank Lloyd Wright home available … for now
Unique Frank Lloyd Wright home available … for now
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
Night at the museum: Ghost town general store turned-home lists at $1M
Night at the museum: Ghost town general store turned-home lists at $1M
arrow_forward_ios

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

Loading...