599 Lexington Avenue – NYC Building Information & Property Details

Property Overview: 599 Lexington Avenue

Located in the heart of Midtown East, featuring luxury retail and corporate headquarters, 599 Lexington Avenue stands as a significant property in New York City’s real estate landscape. This 47-story building, constructed in 1985, represents over 39 years of New York City architectural history.

The property encompasses 984,485 square feet of built space on a 45,022 square foot lot, demonstrating efficient land utilization in one of the world’s most valuable real estate markets. As a Mixed Use Property, this building contributes to the diverse urban fabric that makes New York City a global metropolis.

Building Specifications and Details

The architectural footprint of 599 Lexington Avenue reveals careful urban planning and development considerations. With 47 floors rising above street level, the structure maximizes its vertical potential while maintaining harmony with the surrounding streetscape.

Building Address	599 Lexington Avenue
Borough	Manhattan
ZIP Code	10022
Year Built	1985
Number of Floors	47
Residential Units	N/A
Building Class	O4
Zoning District	C6-6
Total Building Area	984,485 sq ft
Lot Area	45,022 sq ft
FAR Utilized	21.87

Ownership and Valuation Information

The property at 599 Lexington Avenue is currently owned by Bp 599 Lexington Avenue Llc, representing institutional ownership in New York City’s competitive real estate market. This ownership structure reflects broader trends in urban property investment and management.

From a valuation perspective, the property demonstrates significant economic importance within its neighborhood. The assessed land value of $43,335,000 combines with the building improvements to create a total assessed value of $223,770,000. Market estimates suggest the property could command approximately $335,655,000 in today’s real estate market, translating to roughly $341 per square foot.

Financial Metrics

• Assessed Land Value: $43,335,000
• Total Assessed Value: $223,770,000
• Estimated Market Value: $335,655,000
• Price per Square Foot: $341
• Land Value Ratio: 19.4% of total value

Neighborhood Context and Location Analysis

The strategic location of 599 Lexington Avenue within Midtown East, featuring luxury retail and corporate headquarters provides residents and businesses with exceptional access to New York City’s vast array of amenities, transportation options, and cultural attractions. This area has evolved significantly since the building’s construction in 1985, witnessing waves of development, gentrification, and urban renewal.

The surrounding neighborhood offers a unique blend of residential comfort and urban convenience. Property values in this ZIP code (10022) have increased over recent years, reflecting the area’s desirability among both residents and investors. The local community benefits from proximity to public transportation, educational institutions, healthcare facilities, and recreational spaces that define quality urban living.

Zoning and Development Potential

Currently zoned as C6-6, the property at 599 Lexington Avenue operates within New York City’s complex zoning framework. This designation determines allowable uses, density, and development potential, shaping both current operations and future possibilities.

The building’s current FAR (Floor Area Ratio) utilization of 21.87 indicates near-maximum utilization under current zoning regulations. The property appears to be utilizing its zoning allowances effectively.

Development Considerations

• Current zoning district allows for Mixed Use Property use
• Building class O4 designation impacts tax assessment and potential modifications
• Lot dimensions of 45,022 square feet provide the foundation for current and future development
• Existing 47-story structure represents substantial vertical development

Historical Significance and Architectural Heritage

Constructed in 1985, this building has witnessed the dramatic transformation of New York City through multiple economic cycles, social changes, and urban development phases. As a relatively modern addition to the cityscape, it contributes to the architectural diversity that characterizes New York City.

The building’s design and construction methods reflect the architectural trends and building technologies of its era. Modern construction standards have influenced maintenance requirements, renovation possibilities, and the overall character of the property.

Investment and Market Perspective

From an investment standpoint, 599 Lexington Avenue represents a significant asset in one of the world’s most stable and sought-after real estate markets. The property’s estimated value of $335,655,000 positions it as a premium asset in New York City’s diverse property landscape.

Key investment considerations include the property’s location in a high-demand borough, its current configuration with multiple units, and the underlying land value of $43,335,000. These factors combine to create strong fundamentals for long-term value appreciation and income generation potential.

Market Indicators

• Total assessed value has established a baseline of $223,770,000
• Land value represents 19.4% of total assessment
• Price per square foot of $341 remains below Manhattan averages
• Building efficiency ratio of 21.87 indicates optimal space utilization

Property Management and Operations

Under the ownership of Bp 599 Lexington Avenue Llc, the property at 599 Lexington Avenue operates as a Mixed Use Property serving the local community. The building requires ongoing management, maintenance, and capital improvements to maintain its value and functionality in New York City’s demanding real estate environment.

Property management considerations for this 47-story building include regular maintenance of common areas, compliance with New York City building codes and regulations, and strategic capital improvements to enhance value and resident satisfaction. The building’s age allows for modern amenities and systems.

Transportation and Accessibility

The location of 599 Lexington Avenue provides residents and visitors with comprehensive access to New York City’s extensive transportation network. The property’s position in Manhattan ensures proximity to multiple subway lines, facilitating commutes throughout the metropolitan area.

This transportation accessibility enhances property values and rental potential, making 599 Lexington Avenue attractive to professionals working in Manhattan’s business districts. The multi-modal transportation options contribute to the property’s long-term value proposition and market appeal.

Environmental and Sustainability Considerations

As New York City advances its sustainability goals and climate initiatives, properties like 599 Lexington Avenue face both challenges and opportunities. Buildings must adapt to evolving environmental regulations, including Local Law 97’s emissions requirements and energy efficiency mandates.

The building’s 984,485 square feet of space presents opportunities for energy efficiency improvements, including upgraded HVAC systems, improved insulation, and renewable energy installations. These sustainability investments can reduce operating costs, improve resident comfort, and enhance long-term property values while contributing to New York City’s carbon reduction goals.

Future Outlook and Opportunities

Looking ahead, 599 Lexington Avenue is positioned to benefit from continued development and investment in Midtown East. The property’s established presence, combined with New York City’s ongoing growth and evolution, suggests potential for value appreciation and enhanced utilization.

Opportunities for value creation may include strategic renovations to modernize units and common areas, potential zoning variance applications to expand allowable uses or density, and participation in tax incentive programs for property improvements. The building’s substantial land area of 45,022 square feet provides a solid foundation for future enhancements.

Conclusion

The property at 599 Lexington Avenue exemplifies New York City real estate’s complexity and opportunity. With its 47 floors, 984,485 square feet of built space, and estimated market value of $335,655,000, this building represents both the history and future of urban development in one of the world’s premier cities.

Whether viewed as an investment opportunity, a residential asset, or a piece of New York City’s architectural heritage, 599 Lexington Avenue demonstrates the enduring value and potential of well-located urban real estate. As the city continues to evolve, properties like this will play crucial roles in housing residents, supporting businesses, and contributing to the vibrant urban fabric that defines New York City.