5 East 59th Street, New York, NY, 10022, US

5 East 59th Street

Asset Description

JLL has been retained on an exclusive basis to market the sale of 5 East 59th Street (the “Property”), a 50’ wide, 9-story commercial building with 45,350 rentable square feet of flexible commercial or residential space. Delivered 100% vacant and located just steps off the northeast corner of 5th Avenue and East 59th Street, the Property presents a rare jewel-box retail, retail plus office, or fullscale commercial redevelopment opportunity for an end user, investor or developer. The property’s exceptional 5th Avenue location and branding potential make it an ideal project for a retail flagship and/or office headquarters. The Property will be sold at a foreclosure auction on January 17th, 2024 pursuant to a Judgement of Foreclosure & Sale entered in the pending foreclosure case by a referee that has been appointed by the foreclosure court. See data room for more details on the terms of sale.

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Attributes

Building area gross

3,634 m²

Number of floors

9 floors

Media

Investment Highlights

Senior Lender Foreclosure Auction - 1/17/24: Last sale price was $85M in 2015
World-Class Upper 5th Avenue Branding Opportunity - The World’s Most Famous Retail Corridor: Highly visible 9-story façade from the stretch of Upper 5th Avenue between East 58th and East 59th Streets
50’ Wide, 9-Story, 45,350 RSF Commercial Building: Substantial frontage and square footage with a timeless Manhattan address
Delivered 100% Vacant: Vacant delivery allows an end user or investor to occupy all or a portion of the building for their own use and reconfigure the property as desired
Flexible Zoning, Uses and Configurations: C5-2.5 / MiD zoning that allows for a wide variety of retail, commercial, office, community facility and residential uses
Premier Upper 5th Avenue Surrounding Retail Tenancy: Bergdorf Goodman, Dior, Balenciaga, Balmain, Celine, Moncler, Givenchy, Tod’s & Canali flagships all within a 1-block radius
Focal Point of Several Top-Tier NYC Tourist Attractions: Steps off of the intersection of the Apple Fifth Avenue flagship (the “Cube”), Central Park/Grand Army Plaza and the Plaza Hotel
Apple 5th Avenue (the “Cube”) – One of the World’s Most Profitable Stores: Directly visibility from Apple’s most iconic global retail location, which is open 24/7 for 365 days of the year.