Construction and Sales Begin on SCDA’s Billionaires’ Row Tower, 118 East 59th Street
Construction and sales have commenced on a glass-encased, 500-foot-tall condominium tower at 118 East 59th Street developed by Euro Properties and designed by Soo K. Chan of SCDA Architects. Situated mid block between Park and Lexington Avenues, the tower is surrounded by the crème de la crème of New York real estate, positioned within the nexus of several high-value locales: The Plaza District, home to the GM Building, commands the city’s top office rents; nearby shopping stretches of Fifth and Madison Avenues hold the world’s most coveted retail corners; and a one-mile long, super-luxury residential corridor, nicknamed Billionaires’ Row, straddles the southern bounds of Central Park and is set to reshape the city skyline into a trophy shelf of wealth.
Excavation work has recently begun at 118 East 59th Street’s small midblock site
The void 118 East 57th will fill. One Beacon Court in the background
With more than two dozen Chrysler Building-sized towers planned for the city, 118 East 59th Street may seem quaint in comparison. The tower will rise just 38 stories and contain 29 bespoke apartments comprised of two to four bedrooms priced from $5 million. According to Euro Properties’ Founder and CEO, “Our goal for 118 East 59th Street is to create well-crafted homes that boast the same level of customization as single-family residences and offer buyers a true private sanctuary in the busy city.”
The angled glass facade will enhance views from the residences.
The narrow building’s design will have a facade of slightly angled sections, that as the New York Times puts it, “recalls the pressed-down buttons on an old-fashioned tape recorder.”
Rendering of double-height living room facing north
Despite its timid appearance on the skyline, mid- and upper-level units will be afforded views of Central Park and over the lower-scaled Upper East Side. Homes feature floor-to-ceiling windows, solid oak wood flooring, and double-height living rooms in select units. Custom SCDA-designed kitchens provide Gaggenau appliances, and master bathrooms are decked with radiant heated marble floors, integrated “washlet” bidets, and SCDA-designed basin vanities.
Two floors of the building are dedicated to social and leisure amenities. On the lower-level, a residents’ lounge with an accompanying gourmet catering kitchen and dining terrace is found. Above is a fitness and wellness center featuring an adjacent spa facility.
According to data from CityRealty, the median price per square foot for closed condo sales in 2015 within the Upper East Side corridor spanning west of Lexington Avenue between 59th and 79th Streets stands at $3,164 and has a median price of $7.6 million. Another nearby tower is 515 Park Avenue, which was once the tallest building on the Upper East Side and commanded the highest price per square foot in the city when it opened in 1999. The four available homes there are priced at an average of $3,769 per square foot, ranging from a $1.45 million studio to a $15.5 million four-bedroom. One block away, 520 Park Avenue is an upcoming 51-floor tower developed by Zeckendorf Development and designed by Robert A.M. Stern Architects. Prices for its full-floor apartments average $7,285 per square foot and range from a $28 million for a four-bedroom unit on the 29th floor, to $70 million for a six-bedroom home on the 40th floor. And as we reported previously, the building’s triplex penthouse will ask $130 million.
118 East 59th Street in the future city skyline where more than two dozen supertall skyscrapers are planned. Image courtesy of CityRealty
Find listings and follow updates for 118 East 59th Street at CityRealty.
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Construction shots via CityRealty; All renderings courtesy of Euro Properties and SCDA Architects
