JLL markets 537 West 59th Street in New York for sale
Development site at nexus of Midtown West, Lincoln Square and Columbus Circle offers unique as-of-right investment opportunity
NEW YORK, February 28, 2020 — JLL Capital Markets announced today that it was selected to market for sale 537 West 59th Street, which is located between Amsterdam and West End Avenues on New York City’s Upper West Side. The 75-foot wide development site is currently zoned for up to 48,952 buildable square feet, or 52.368 gross square feet. The asking price is $22.5 million, or, roughly, $460 per buildable foot.
The site is improved with an existing 18,000-square-foot, three-story television production studio that will be delivered vacant. The lot area is 7,531 square feet and carries a C6-2 zoning designation, which offers a variety of potential uses, including residential, hotel, office, medical or community facility.
The property at 537 West 59th Street occupies a strategic position at the convergence of Midtown West, Lincoln Square and Columbus Circle. It is less than a block from Riverside Center, the home of recently completed mega-projects from Silverstein Properties, Dermot Companies and CIM Group. The development site offers convenient connectivity throughout Manhattan with access to the A, B, C, D, 1 and 2 trains at Columbus Circle.
537 West 59th Street provides spectacular light and air from every direction. It is surrounded by the 1.6-acre, second-story open green space at John Jay College’s new campus directly in front of the development site; the recently renovated Gertrude Ederle Playground and Recreation Center to the east and northeast; a protected outdoor plaza to the north; and the deeply set-back open-front plaza of the Element Condominium to the west.
The JLL Capital Markets professionals leading the marketing effort include Managing Directors Paul Smadbeck and Hall Oster, Vice Presidents Conrad Martin and Teddy Galligan and Associates Braedon Gait and Jameson Hill.
“537 West 59th Street is an excellent opportunity for a boutique developer looking for an exceptionally located, light-filled as-of-right development,” Smadbeck said. “The growth of Riverside Center and the surrounding community has created a city-within-a-city and a vibrant live-work-play environment.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.