Hong Kong–based developer sells NYC condo project

Euro Properties has sold its managing stake in the development site at 118 East 59th St. in New York.

The buyer is a company related to Yuzhou Properties Group, which continues to manage this development

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.

“We are dedicated to identifying and improving development sites in the most desirable markets in the world, including the New York Metropolitan Area,” said Stephany Chen, executive director of Euro Properties. “Our ambitious plans for 118 East 59th Street were executed with precision and care and are now in the hands of a new driving force.”

The 40-story tower includes, two- to four-bedroom condominiums, duplexes and a triplex penthouse.

Euro Properties also invested in three other residential sites in the most prestigious markets just outside New York City: Greenwich, New Canaan, Conn.; and