March 17, 2017
An architecture prize might include clues to the fate of a stalled mega-project on the Upper East Side.
Euro Properties, a developer based in Hong Kong, once planned to build an ultra luxury tower at 118 E. 59th St. designed by SLCE Architects with just 29 condominium apartments on 38 floors, including several apartments with two floors and a penthouse with three floors.
By May 2016, construction had stopped, and the developer was reported to be seeking a buyer to take over the development. Currently, there are no active listings available for sale at the property on StreetEasy.
However, a new developer may have revived the project. An architecture price, the MIPIM Architectural Review Future Project Awards 2017, named 118 E. 59th St. the winner both in its Residential category and its Overall Winner.
The prize lists a brand new developer for the property, Madison Equities, and new architects, Melkan Gürsel and Murat Tabanlioglu at Tabanlioglu Architects. The Future Projects prize only recognizes projects that are not yet complete. Watch this space.
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