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  #1  
Old Posted Sep 25, 2014, 7:47 PM
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Smile NEW YORK | 118 East 59th St | 470 FT | 37 FLOORS

37-Story Tower Coming to 118 East 59th Street

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Another day, and new filings for yet another tower coming to the island of Manhattan: the first permits are up for a 37-story building that will rise at 118 East 59th Street, in Midtown East, between Park and Lexington Avenues. SLCE is the architect of record, and Neo Que Yao of the Euro Group is listed as the developer; earlier this year, Curbed reported that Soo Chan, architect of 515 West 29th Street, would be helming the design.

The building will stand 470 feet tall, so ceiling heights will be generous, but the actual scope of the project will be surprisingly small. Besides 6,326 square feet of commercial space, the building will have 70,260 square feet dedicated to residential use, split between 29 units.

That translates into an average apartment size of over 2,000 square feet, but the arrangement of units will result in most residences spanning entire or multiple floors, which is very uncommon amongst new developments in New York City — and also signals that condominiums are very likely.
118 East 59th Street traded hands late last year, per The Real Deal, when the Rudd family sold the 5,025 square-foot lot to the current developer for $49 million. A neighboring lot was also acquired for $6.1 million at 116 East 59th Street, resulting in the complete assemblage, which is apparently large enough for a tower of substantial height.
==============================
http://www.yimbynews.com/2014/09/per...th-street.html
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  #2  
Old Posted Sep 26, 2014, 12:55 PM
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There are a good half-dozen or so towers planned for this neighborhood. The whole Bloomingdales area will look quite different five years from now.
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  #3  
Old Posted Nov 9, 2014, 10:03 AM
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More details on Euro Properties’ 118 East 59th Street in Midtown

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Euro Properties has released more intel on its luxury condominium tower at 118 East 59th Street.

Permits filed in September call for a 38-story building with 29 units. The residences will be a mix of one- and two-bedrooms, plus two duplexes and a triplex penthouse. The project will be anchored by a three-floor retail condominium at the base. Soo Khian Chan of SCDA Architects is designing the tower; SLCE is the architect of record.

Brown Harris Stevens Development Marketing will be the exclusive marketing and sales agent for the building.

The Rudd family sold the development site to Euro for $49 million, The Real Deal reported. The 5,025-square-foot lot is home to a four-story retail and office building. Property records indicate that Euro paid $6.18 million for development rights and a light, air and views easement from the owner of neighboring 116 East 59th Street.
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http://news.buzzbuzzhome.com/2014/11...reet-euro.html
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  #4  
Old Posted Nov 13, 2014, 4:36 PM
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118 East 59th Street: Boutique Skyscraper to Rise in Hybrid Area between Midtown and

In terms of height, it looks like it'll fit right in.


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The mid-block tower will soar 38 stories yet contain only 29 units – another example of the city’s new and somewhat oxymoronic building type: the boutique skyscraper, which typically contains fewer units than a standard six-story co-op building, along with even fewer inhabitants. This 59th Street project will join the ranks of 432 Park Avenue (1,398 feet/104 units), 520 Park Avenue ( 781 feet/31 units), and 125 Greenwich Street(1,375 feet/128 units) as buildings with the greatest height-to-unit-count disparity.
Full article here
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  #5  
Old Posted Nov 13, 2014, 5:18 PM
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A nice filler. I had a good view couple of months ago from the top of the Spanish Embassy building (Brown structure in front of Bloomberg; far right), and given the area, it will fit in nicely with structures of the same height. They will still have some great views of the park from that location.
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  #6  
Old Posted Nov 14, 2014, 2:41 PM
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  #7  
Old Posted Nov 15, 2014, 3:19 PM
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Quote:
Originally Posted by PeterQM View Post
In terms of height, it looks like it'll fit right in.




Full article here
i feel like this user is a 6sqft sock puppet and also that image is totally inaccurate

and by 6sqft i mean cityrealty. it is a shame that a brokerage fronts as a 'news' site but people should know who is behind it
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  #8  
Old Posted Nov 15, 2014, 4:49 PM
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Yimby is the only source to trust in my opinion.
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  #9  
Old Posted Nov 15, 2014, 10:36 PM
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So has this proposal been approved yet?
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  #10  
Old Posted Nov 28, 2014, 4:10 PM
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Originally Posted by Detroit1995 View Post
So has this proposal been approved yet?
Yes
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  #11  
Old Posted Nov 29, 2014, 6:56 AM
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Quote:
Originally Posted by Detroit1995 View Post
So has this proposal been approved yet?

There is no such process as "approved" in NYC. A building is as-of-right, or it isn't.

If you're asking whether permits have been filed, the answer is yes. The building has permits to go forward.
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  #12  
Old Posted Dec 15, 2014, 5:39 PM
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December 15, 2014
By E.B. Solomont

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Asian investment firm Euro Properties wants to top off its luxury mixed-use tower on East 59th Street with a $30 million penthouse.

The 38-story tower at 118 East 59th Street will have 29 full-floor residences starting on the eighth floor, according to a condo offering plan filed with the Attorney General’s office. The total offering is for $210.6 million. Brown Harris Stevens is marketing the property.

According to the offering plan, the penthouse measures 4,869 square feet and has three bedrooms. One-bedroom condos start at $2.8 million and two-bedrooms start at $3.6 million. Two duplex condos, measuring 2,989 square feet, are asking $15.5 million and $16.5 million. Storage units in the building will go for $45,000.

Euro Properties paid $49 million in 2013 for the site, which had been owned by the Rudd family since 1981. Euro, which is run by Neo Que Yau, also purchased development rights and a light, air and views easement at the property next door, 116 East 59th, for a little more than $6 million. Together, the sites could support a building of up to 79,000 square feet, as TRD reported at the time.

Current plans, filed with the city’s Department of Buildings, call for razing the existing four- and six-story buildings on the site and constructing a new structure with 76,586 square feet. According to the building plans, 70,260 square feet would be designated as residential space and 6,326 square feet would be commercial space. SLCE is the architect of record.

The site, between Park and Lexington Avenues, is part of the changing retail corridor along 57th Street, and not far from the high-end towers rising along Billionaire’s Row. The property is several blocks away from Macklowe Properties’ 432 Park Avenue, as well as a development site at 85-989 Third Avenue, which Macklowe bought for $100 million in August.

Euro Properties has developed residential projects in Australia, Hong Kong, Singapore and the U.S., including Long Island and Greenwich, Conn., according to its website. The 59th Street tower is the developer’s first project in New York City. - See more at: http://therealdeal.com/blog/2014/12/....Ut4GlAdc.dpuf
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  #13  
Old Posted Dec 15, 2014, 6:51 PM
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Quote:
Originally Posted by Crawford View Post
There is no such process as "approved" in NYC. A building is as-of-right, or it isn't.

If you're asking whether permits have been filed, the answer is yes. The building has permits to go forward.
Oh...I thought as-of-right was somehow related to air rights or something.

So then...Is "as-of-right" a way of saying "This parcel 'reserved' for XYZ pending finalization of appropriate business" or "Avilable on a first come first served basis"?

And/or is there any particular step, per se, in the permissions process at which one can say, "It's all signed, sealed and delivered; we're good to go vertical?"
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  #14  
Old Posted Dec 16, 2014, 4:20 AM
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In most cases, approvals just mean that the proposed building has been certified to satisfy the zoning requirements and the building code.
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  #15  
Old Posted Jan 5, 2015, 12:21 PM
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SCDA Architects' Plan For 118 East 59th Street



NIKOLAI FEDAK
JANUARY 5TH 2015

Quote:
Back in September, YIMBY reported that a new 38-story residential tower would soon rise at 118 East 59th Street, designed by Soo Chan of SCDA Architects. Now, we have the reveal for the project, courtesy of a tipster. Euro Properties is developing the site, and the bio picture of its head, Neo Que Yau, also includes a more detailed look at the project, which was hiding in plain sight.


118 East 59th Street, renderings from SCDA Architects with Neo Que Yau, head of Euro Properties

The building will stand 470 feet tall, with floor heights averaging over 12 feet. With only 29 units sharing 70,260 square feet of space, residences will average over 2,400 square feet each. Per The Real Deal, a 4,869 square foot penthouse will soon hit the market for $30 million. YIMBY also has the first batch of interior renderings for the project, and finishes will certainly correspond to the development’s super-luxe status.



SCDA has several projects underway in New York City, although 118 East 59th Street is the tallest to date, by far. YIMBY revealed their design for 515 High Line back in July, which the Bauhause Group is developing, and that building will also be an exercise in glassy simplicity.

118 East 59th Street will be composed of stacked cubes, each angled in a different direction from its neighbors above or below. Open views are a given, and the expansive floor to ceiling glass makes sense for a location where views drive pricing. Even though it will stand 470 feet tall, 118 East 59th Street will be far shorter than nearby new developments like 432 Park Avenue and 520 Park Avenue.



The total cost of 118 East 59th Street was $49 million, and Euro Properties also paid $6 million for air rights and an easement from the neighboring 116 East 59th Street. While no completion date has been formally announced, demolition permits for the existing low-rise were filed in June.
http://www.yimbynews.com/2015/01/rev...roperties.html

Last edited by sparkling; May 8, 2015 at 9:43 PM.
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  #16  
Old Posted May 8, 2015, 9:42 PM
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First Manhattan Condo by a Chinese Developer



C. J. HUGHES
MAY 8, 2015

Quote:
A 38-story tower rising on a busy block in Midtown is being billed as the first condominium project in Manhattan developed entirely by a company from China.

Euro Properties, based in Hong Kong, recently unveiled 118 East 59th Street, a 29-unit high-rise between Park and Lexington Avenues. In recent years, Chinese companies have flocked to build in New York, but typically partnered with local firms, and in those rare cases where they have flown solo, it has been in the outside boroughs.

While 118 East 59th Street may be a pioneer, brokers say its developers still have to convince buyers that its location, wedged between office towers, can fetch the same gold-plated prices as nearby Billionaires’ Row.

“It’s a location that’s in transition,” said Tamir Shemesh, an associate broker with the Corcoran Group who is marketing a new 22-unit condo at 337 East 62nd Street. “But the towers that are coming up could change a very commercial area.”

Designed by SCDA Architects of Singapore, whose principal is Soo K. Chan, the narrow tower will have a facade that recalls the pressed-down buttons on an old-fashioned tape recorder, with sections that are beveled, at slight angles. Each of the 29 units will occupy at least a full floor, making them feel spacious despite the skinny site, said Neo Que Yau, the chief executive of Euro Properties. Most apartments will be configured with two bedrooms, he said, and about half will have views of Central Park. Units will start at about 1,400 square feet.

Finishes will include marble for kitchens and baths; there will also be bidet-style toilets, the kind that are popular overseas. But while Mr. Yau said that he welcomed foreign buyers, who have taken a shine to the neighborhood in the current boom, he would not market to them specifically. “It’s a consideration,” he said, “not the most important factor.”

Demolition of the four-story building that once stood at the site, which Euro Properties bought from the Rudd family for $49 million in 2013 and which once contained a tuxedo-rental company, is complete. Yet the condo, where foundations are scheduled to be poured in June and sales set to begin in September, is a work in progress.

As of early this month, Euro Properties was still hammering out details about building amenities, which will include a fitness center, treatment rooms for massages and a lounge with outdoor gardens, Mr. Yau said.

He said that prices “will be consistent with ultraluxury developments in the area.” The much taller and more perk-laden 432 Park Avenue, from Macklowe Properties and the CIM Group, for example, has averaged about $8,000 a square foot for its units so far, according to data from StreetEasy.com.

The new condo by Euro Properties is not that large by Chinese project standards. Oosten, a 216-unit complex that Xin Development Group International is developing, spreads across a full block in South Williamsburg, Brooklyn.

Likewise, at 100 East 53rd Street, a team that includes the Chinese investors Vanke Holdings and China Cinda Asset Management, alongside Hines and RFR Holding, is creating a 61-story, 94-apartment high-rise next to the Seagram Building. (The project was previously billed as 610 Lexington Avenue.)

Zoning on the site of 118 East 59th allowed a tower of only about 30 stories, according to Mr. Yau, meaning there would have been only a few floors with park views. Yet Euro Properties was ultimately able to climb several floors higher after buying unused development, or “air” rights, from the building next door, at No. 116. That kind of transaction has become fairly common, but the neighbor is hardly ordinary. It is the Argosy Book Store, which has refused to sell its home to developers for decades, even as skyscrapers swallowed up similar buildings around it, according to Naomi Hample, an owner.

But as the Argosy tries to survive in a battered industry, Ms. Hample finally decided that her family-owned store could part with a bit of its property after all, or at least the air above it, which sold for more than $6 million. “It was very fortunate,” she said.

Would there be other upsides, like the condo’s residents dropping by to snap up hardcovers? No, Ms. Hample said.

“The buyer will be a billionaire who will use it for six weeks a year,” she said. “A hotel would have been much better.”
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  #17  
Old Posted May 9, 2015, 1:10 PM
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  #18  
Old Posted May 15, 2015, 12:09 AM
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Teaser site is out:

1) Features very high quality interior renderings
2) Sales related

Site: http://118east59th.com/?gclid=CIWU98...FUcdgQod17cAUg
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  #19  
Old Posted Jul 2, 2015, 8:26 PM
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  #20  
Old Posted Jul 2, 2015, 8:34 PM
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Nice 500' and I believe that saids 40 floors.
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