Want · Office
Law firm relocation near Grand Central
Posted by a tenant rep broker · Legal
- Where
- Grand Central, Midtown
- Size
- 7,000 to 10,000 SF
- Budget
- to $110/SF
- Move in
- May 2027
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Office building with commercial space · Midtown, Manhattan
59 East 54th Street
New York, NY 10022
59 East 54th Street is a 9-floor office building with commercial space in Midtown, Manhattan, built in 1923, with about 40,000 square feet of office space according to city records.
Also at 59-63 East 54th Street.
- Office space
- 40K SF
- Floors
- 9
- Year built
- 1923
- Zoning
- C5-2.5
The 339th largest of the 351 office buildings we track in Midtown. Compare it with 6 neighbors
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Compared with its neighbors
How 59 East 54th Street compares
Next to the 6 nearest large office buildings, all within a 1 minute walk, 59 East 54th Street is the smallest by office floor area. Built in 1923, it is the oldest of them. Its estimated property tax, about $8.67 a square foot of floor area before abatements, is below the neighbors' median of $22.61.
| Building | Office space | Floors | Built | Tax / SF |
|---|---|---|---|---|
| 59 East 54th Street | 40K SF | 9 | 1923 | $8.67 |
| 66 East 55th Street | 133K SF | 25 | 1985 | $13.90 |
| 400 Park Avenue | 147K SF | 21 | 1957 | $28.30 |
| 535 Madison Avenue | 436K SF | 36 | 1981 | $23.73 |
| 410 Park Avenue | 229K SF | 21 | 1958 | $18.87 |
| 545 Madison Avenue | 130K SF | 17 | 1956 | $21.49 |
| 527 Madison Avenue | 183K SF | 25 | 1985 | $26.75 |
Sources: NYC Department of City Planning, PLUTO 26v2 for size, floors and year built; NYC Department of Finance 2026/27 roll for tax (taxable value times the class rate, before abatements, over the whole floor area). Large means at least 35,000 SF of the building's main use. Walking times are straight-line estimates.
NYC tax lot records
Building facts
- Other address
- 59-63 East 54th Street
- ZIP code
- 10022
- Building type
- Office building with commercial space (city class O6)
- Total floor area
- 42,214 SF
- Commercial floor area
- 42,214 SF
- Office
- 40,276 SF
- Retail
- 1,938 SF
- Height
- 9 floors
- Average floor
- About 4,700 SF (floor area divided by floors)
- Year built
- 1923
- Lot area
- 6,627 SF
- Zoning district
- C5-2.5
- Built FAR
- 6.37
- Max commercial FAR
- 12
- Tax lot (BBL)
- 1012900028
Nearest subway
- 5 Av/53 St
- 51 St
- 59 St
Source: NYC Department of City Planning, PLUTO 26v2, pulled 2026-10-05; addresses from the Property Address Directory (PAD) 26b; subway stations from the MTA Subway Stations dataset, pulled 2026-10-05. Floor areas are the city's estimates for the whole building, not available space. Walking times are straight-line estimates. How we build these pages. Something wrong on this page? Tell us.
NYC storefront registry (Local Law 157)
Storefronts and vacancy
Owners registered 2 storefronts at 59 East 54th Street for December 31, 2024, the newest annual filing the city has published, and none stood vacant that day.
- Storefronts registered for December 31, 2024
- 2
- Vacant that day
- 0
- Share vacant across Midtown
- 14.0%
- Share vacant citywide
- 8.7%
Vacant on December 31, by year
Need a storefront in Midtown? Get matchedStorefront vacancy across New York City
Source: NYC Department of Finance, Storefronts Reported Vacant or Not (Local Law 157), annual filings for 2019 to 2024, pulled 2026-10-08. Owners of buildings with ground- or second-floor storefronts register each one every year with its status on December 31; counts are by tax lot, as the owners filed them. The 2024 filing was due June 3, 2025, so a storefront vacant then may have been leased since. A vacant storefront is not always on the market, and none here is listed on Leasemark unless it shows above.
NYC Department of Finance records
Owner, property tax and assessed value
The Department of Finance lists 54 ASSOCIATES as the owner of record. For tax year 2026/27 the city values 59 East 54th Street at $8.26 million and assesses it at $3.72 million. After phase-ins and exemptions its taxable value is $3.37 million; at the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists) that comes to about $366,061 a year before abatements, roughly $8.67 per square foot of floor area. Commercial leases here often pass a tenant's share of tax increases over a base year through as additional rent.
- Owner of record
- 54 ASSOCIATES
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $8,259,000
- Land market value
- $3,420,000
- Assessed value
- $3,716,550
- Taxable value (phased in)
- $3,374,460
- Estimated yearly tax
- About $366,061
- Tax per SF of floor area
- About $8.67
City market value by tax year
Source: NYC Department of Finance, Property Valuation and Assessment Data (2026/27 roll; owner names as the roll records them, which cuts some long names short), pulled 2026-10-08; tax rate from the Department of Finance tax rates page, checked 2026-09-28. The estimate is the taxable value times the class rate. It leaves out abatements, payment-in-lieu-of-taxes agreements and charges, so the actual bill can differ.
Own or manage 59 East 54th Street? List a space here free and we match it against every active requirement.
NYC energy benchmarking (Local Law 84)
Energy use and emissions
59 East 54th Street's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score, and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade. Its site energy use came to 55.5 kBtu per square foot, about the same as the national median of 56.7 for a similar property. Its greenhouse gas emissions were about 230 metric tons of CO2e (5.21 kg per square foot).
- ENERGY STAR score (2024)
- None given
- Property type (Portfolio Manager)
- Office
- Site energy use intensity
- 55.5 kBtu/SF
- National median for the type
- 56.7 kBtu/SF
- Greenhouse gas emissions
- 230 t CO2e
- Emissions per SF
- 5.21 kg CO2e
- Floor area in the filing
- 44,150 SF
Source: NYC Department of Buildings and Mayor's Office of Climate and Environmental Justice, NYC Building Energy and Water Data Disclosure for Local Law 84 (2024 filing), pulled 2026-10-08; grade cutoffs from the Department of Buildings energy grades page. Figures are as the owner filed them in ENERGY STAR Portfolio Manager.
NYC Department of Buildings permits
Work permits and build-outs
In the 12 months to October 2026, the Department of Buildings issued first permits for 1 job at 59 East 54th Street. In the last two years, interior work was permitted on one floor (floor 6). The newest build-out, on floor 6, was first permitted in June 2025 (construction, plumbing; filed cost estimate $15,000).
- New jobs, last 12 months
- 1
- Initial permits, last 12 months
- 1
- Newest job first permitted
- December 2025
- Interior build-outs, last 24 months
- 1
- Floors with interior work, last 24 months
- 6
- Facade and sidewalk jobs, last 24 months
- 1
Recent build-outs
New jobs by year
Build-outs across MidtownWhere NYC offices are being built out
Source: NYC Department of Buildings, DOB NOW: Build Approved Permits, pulled 2026-10-08 (permits issued through 2026-10-06). A job counts once, when its first permit is issued; renewals are not new work. A build-out groups jobs on the same floors first permitted within 120 days of each other. Costs are the estimates filed with the jobs. Jobs filed before DOB NOW (in the older BIS system) are not counted. A permit is approval to do the work; it does not say who the work is for or whether it is finished.
Office space nearby in Midtown
Nothing is listed nearby yet. The labeled examples below show how a space appears; they are not on the market.
What a requirement here looks like
No live requirements for office space in Midtown yet. These labeled examples show what tenants post. List a space in 59 East 54th Street and we match it against every new one automatically.
Want · Office
Hedge fund, Hudson Yards or Plaza
Posted by a tenant rep broker · Finance
- Where
- Hudson Yards, Midtown
- Size
- 15,000 to 22,000 SF
- Budget
- to $140/SF
- Move in
- Jul 2027
24/7 access
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Questions about 59 East 54th Street
How big is 59 East 54th Street?
59 East 54th Street has about 42,000 square feet of floor area in total, including 40,000 square feet of office and 2,000 square feet of retail, according to NYC PLUTO 26v2. These are the city's estimates for the whole building, not space that is available.
When was 59 East 54th Street built?
City records list 1923 as the year built. The building is 9 floors tall.
What other addresses does 59 East 54th Street have?
City records list 59-63 East 54th Street on the same tax lot (BBL 1012900028) as 59 East 54th Street. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 59 East 54th Street?
59 East 54th Street is in ZIP code 10022, according to the city's tax lot records (NYC PLUTO 26v2) and the Department of Finance's assessment roll. The full mailing address is 59 East 54th Street, New York, NY 10022, in Midtown.
What is the zoning at 59 East 54th Street?
The lot is in the C5-2.5 zoning district. PLUTO lists a built floor area ratio (FAR) of 6.37 and a maximum commercial FAR of 12 for this lot.
What subway station is closest to 59 East 54th Street?
The closest subway station to 59 East 54th Street is 5 Av/53 St (the E and F trains), about 650 feet away in a straight line, roughly 3 minutes on foot. Also nearby: 51 St (the 6, E and F trains, connected to Lexington Av/53 St), 4 min walk; 59 St (the 4, 5, 6, N, R and W trains, connected to Lexington Av/59 St), 6 min walk. Walking times are straight-line estimates; the street route is longer.
Who owns 59 East 54th Street?
The NYC Department of Finance's 2026/27 assessment roll lists 54 ASSOCIATES as the owner of record of 59 East 54th Street (BBL 1012900028). Deeds and mortgages for the lot are public in ACRIS, the city's property records system.
Does 59 East 54th Street have an energy grade?
59 East 54th Street's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score, and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade. Its site energy use came to 55.5 kBtu per square foot, about the same as the national median of 56.7 for a similar property. Its greenhouse gas emissions were about 230 metric tons of CO2e (5.21 kg per square foot).
Is there construction at 59 East 54th Street?
In the 12 months to October 2026, the Department of Buildings issued first permits for 1 job at 59 East 54th Street. In the last two years, interior work was permitted on one floor (floor 6). The newest build-out, on floor 6, was first permitted in June 2025 (construction, plumbing; filed cost estimate $15,000). These are the Department of Buildings' DOB NOW work permits for tax lot 1012900028. A permit is approval to do the work; it does not say who the work is for or whether it is finished.
What are the property taxes at 59 East 54th Street?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $3.37 million for 59 East 54th Street. At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $366,061 a year, roughly $8.67 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 1012900028 show the actual bill.
What is the assessed value of 59 East 54th Street?
For tax year 2026/27, the NYC Department of Finance puts the market value of 59 East 54th Street at $8.26 million ($3.42 million of it land) and its assessed value at $3.72 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 2% from 2022/23 ($8.11 million) to 2026/27.
Are there vacant storefronts at 59 East 54th Street?
Owners registered 2 storefronts at 59 East 54th Street for December 31, 2024, the newest annual filing the city has published, and none stood vacant that day. These are the owners' filings with the Department of Finance under Local Law 157, so a storefront may have come free since. Owners and brokers can list a storefront on Leasemark for free.
Is there office space for lease at 59 East 54th Street?
No space at 59 East 54th Street is listed on Leasemark right now. Owners and brokers can list space here for free, and tenants can post a requirement to be matched when space opens up.
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