Macklowe seeks $264M sellout at 200 East 59th Street
Condo tower to feature 68 units averaging $4M
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 [TRDataCustom] 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.