The Real Deal New York

Mount Sinai asking $50M for Midtown medical building

NGKF marketing site as redevelopment

December 03, 2014 05:25PM

432-w-58-1

432 West 58th Street in Midtown West and David Noonan

The Mount Sinai Health System is asking $50 million for an 11-story Midtown West medical building that is being marketed as a development site. The site at 432 West 58th Street, between Ninth and 10th avenues, houses a 102,000-square-foot property used as a medical research facility, the New York Post reported.

If the property were to be demolished, 65,000 square feet of it can be rebuilt, given that a large chunk of the existing space is below grade.

A Newmark Grubb Knight Frank team led by David Noonan and Jennifer Schwartzman are marketing the site.

Bids are due Dec. 10. The hospital network will use funds from the sale to pay for clinical facility and infrastructure costs. [NYP, 4th]Mark Maurer

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