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

Condo tower to feature 68 units averaging $4M

New York /
Nov.November 02, 2016 03:45 PM

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 sites for $86.7 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.

Clarification: An earlier version of this story included the price Macklowe paid for only one of the sites. 


Related Articles

arrow_forward_ios
JLL NY investment sales chairman Bob Knakal with 737 Park Avenue
Bob Knakal lists Park Avenue pad for $13M
Bob Knakal lists Park Avenue pad for $13M
From left: Silverback Development managing principal Josh Schuster and Arch Companies managing partner Jeffrey Simpson (Google Maps, Arch Companies, Silverback Development, iStock)
Luxury lost: defect complaints rise in new residences
Luxury lost: defect complaints rise in new residences
CIM hits back at board’s allegations in 432 Park lawsuit
CIM hits back at board’s allegations in 432 Park lawsuit
CIM hits back at board’s allegations in 432 Park lawsuit
Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)
The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court
The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court
A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)
Harry Macklowe just got $192M closer to building his Midtown skyscraper
Harry Macklowe just got $192M closer to building his Midtown skyscraper
WATCH: Inside Macklowe’s gut renovation of historic One Wall Street
WATCH: Inside Macklowe’s gut renovation of historic One Wall Street
WATCH: Inside Macklowe’s gut renovation of historic One Wall Street
Two’s company, three’s a crowd? The surprising guests at Harry Macklowe’s wedding
Two’s company, three’s a crowd? The surprising guests at Harry Macklowe’s wedding
Two’s company, three’s a crowd? The surprising guests at Harry Macklowe’s wedding
Macklowe: Tower Fifth would be New York’s only “21st-century building”
Macklowe: Tower Fifth would be New York’s only “21st-century building”
Macklowe: Tower Fifth would be New York’s only “21st-century building”
arrow_forward_ios

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

Loading...