Euro Properties Closes Sale of 118 E. 59th St.

118 E. 59th St./ Image: Google Maps

NEW YORK CITY—Big plans for large, bespoke, deluxe apartments in a high-rise, glass tower to be built at 118 E. 59th St. have not gotten off the ground. But Euro Properties, a Hong Kong-based real estate development company led by CEO Neo Que Yau, announced the completion of the sale of its stake at the site for $29.5 million to a company related to its partner, Shanghai-based Yuzhou Properties.

The press release states, “Euro Properties acquired the development site in 2014 for $55 million. The company sold its position in the investment in December for $25.9 million—reflecting a total value in excess of $74 million.” An industry source tells GlobeSt.com that Euro Properties’ stake was approximately a third, thus $18 million of the $55 million.