589 11th Avenue is a brand-new, versatile commercial building located in the heart of Midtown Manhattan’s rapidly evolving 42nd Street submarket. This prime property, positioned on the southeast corner of East 48th Street, is an ideal opportunity for investors, developers, or owner-users looking to capitalize on the area’s dynamic growth. The building’s modern design, developed by Sydness Architects, features a flexible layout that caters to a wide range of commercial uses, including office, retail, restaurant, medical, and more, making it a standout asset in this bustling urban setting.

Investment Highlights:

• Prime Midtown Location: Situated just steps from Grand Central Station and surrounded by a vibrant mix of office, residential, and retail developments, 589 11th Avenue is perfectly positioned in a high-traffic area with excellent access to public transportation. This corner property boasts 125 feet of street frontage, enhancing its visibility and accessibility for tenants and visitors alike. The building’s proximity to major developments, including Silverstein’s future casino project, further underscores its appeal in a rapidly growing area.

• Brand-New Construction with Turnkey Features: The 17-story, 184,000-square-foot building was completed in 1954 but has been fully renovated to modern standards. With a newly completed Certificate of Occupancy, the property offers a turnkey ground-floor bar with an in-place 4 AM liquor license, making it an attractive option for nightlife and hospitality operators. The building’s infrastructure includes advanced HVAC systems by Trane, two forms of egress, and a state-of-the-art security system, ensuring seamless operations for new tenants.

• Diverse Usage Potential: The building’s versatile zoning allows for a wide range of approved commercial uses, including restaurants, medical offices, art exhibits, co-working spaces, dog hotels, and more. The ground floor is built out as a bar with several letters of intent (LOIs) in place, and the upper floors are in shell condition, ready for customization by incoming tenants. The property’s design also includes space for large-scale signage and advertising, providing additional revenue-generating opportunities.

• Exceptional Rooftop and Future Development: One of the property’s standout features is its rooftop with stunning views of 42nd Street, Hudson Yards, and the Intrepid Museum, offering a unique opportunity to develop a rooftop bar or experience center that could transform the building into a sought-after destination. With potential approvals for residential conversion underway, this property presents a valuable value-add opportunity in a prime growth area with a significant influx of new residential tenants.

• Flexible Leasing Options and Existing Tenancy: The property is currently in use with a signed lease on the ground floor, and additional LOIs for other floors provide immediate income potential. For buyers looking to occupy the space, the building can be delivered empty, offering flexibility for owner-users to implement their vision. A full building inspection has been completed and is available for review, providing transparency and assurance for potential investors.

• Outstanding Building Design and Features: Designed by renowned Sydness Architects, 589 11th Avenue features 12-foot unfinished ceiling heights, polished concrete floors, and operable windows on each floor, providing abundant natural light and a modern aesthetic. The property is equipped with high-speed internet pre-wiring, energy-efficient HVAC systems, and a large, automatic freight elevator, catering to various tenant needs and ensuring ease of operation.

Conclusion:

589 11th Avenue is a trophy asset in a prime Midtown Manhattan location, offering unmatched flexibility for various commercial uses and the potential for significant future development. Its modern design, strategic corner location, and robust infrastructure make it an attractive opportunity for investors, developers, and owner-users looking to make a statement in one of New York City’s most dynamic and rapidly evolving neighborhoods. With the potential for a high-visibility bar or rooftop experience center and proximity to major projects, 589 11th Avenue stands out as a premier destination for growth and investment.