Work Starts on Condos Near Manhattan’s Billionaire Row

Euro Properties has started work on a condo tower at 118 East 59th St. in Manhattan with the demolition of the existing property on the site. When complete, the new property will offer 29 full-floor and larger residences, and be anchored by a three-floor retail condo on its lower floors.

New York—Euro Properties has started work on a condo tower at 118 East 59th St. in Manhattan with the demolition of the existing property on the site. When complete, the new property will offer 29 full-floor and larger residences, and be anchored by a three-floor retail condo on its lower floors.

The company acquired the site in 2013 for $49 million, as well as an air, light and views easement at 116 East 59th, which is next door to the development site. That part of 59th is between Park and Lexington avenues, and it isn’t far from the high-end towers along Billionaire’s Row.

According to current plans, the property’s one-bedroom units will start at $2.9 million, while two-bedrooms will start at $3.7 million. Two duplex condos will range from $15.5 million to $16.5 million, and storage units in the building will be offered for $45,000.

Brown Harris Stevens is marketing the property. Soo K. Chan, founding principal of SCDA Architects, designed the property.

This is Euro Properties’ first foray into New York City condos. The Hong Kong-based company has developed residential projects in various places, both in the United States—including Long Island and Greenwich, Conn.—as well as Hong Kong, Australia and Singapore.