Futterman to lease retail portion of E57th St. development.

Robert K. Futterman & Associates, LLC (RKF) has been tapped by World-Wide Group to market and lease the retail portion of a newly proposed mixed-use project at 250 East 57th Street.

In a unique public-private partnership, World-Wide Group will replace two existing city schools and provide new facilities. The project will transform one of the most important intersections in Manhattan's Upper East Side into a lively, pedestrian friendly gateway.

RKF Chairman and CEO Robert K. Futterman and Managing Director Ariel Schuster will be the exclusive leasing agents.

World-Wide Group was selected by the Education Construction Fund to redevelop the city-owned property on the southwest corner of 57th Street and Second Avenue, which currently houses the High School of Art and Design and Public School 59; and will be responsible for building two new expanded schools as part of the $500 million development project. World-Wide Group will create a one-million-square-foot, mixed-use facility at the site, including 170,000 s/f of retail, a 59-story residential tower with 320 new rental and condominium units, and the two new schools.

"We are honored to work with World-Wide on this important project that will revitalize the 57th Street retail landscape and potential retailers will be drawn to the high traffic the area generates. Once complete this project will provide residents with much needed services, that until now have not been provided," said Futterman.

The development will take place in two phases. The first phase includes the development and construction of the two new schools, while the second phase will include the design and construction of the mixed-use development. The development of the 170,000 s/f of retail space on four floors will occur during both phases of development.