The Real Deal New York

Former St. Luke’s hospital site sells for $29M

Fine Times Inc. picks up land that holds 96-unit apartment building.

October 14, 2015 02:30PM
By Kathryn Brenzel

1080 Amsterdam

1080 Amsterdam Avenue in Morningside Heights 

The Morningside Heights property housing a hospital-to-luxury rental conversion has been sold by St. Luke’s-Roosevelt Hospital Center to Fine Times Inc. for $29.1 million, according to records filed with the city Wednesday.

The 20-story building, at 1080 Amsterdam Avenue, was converted from a hospital into an apartment building by development firm Stonehenge Partners and real estate investment trust SL Green Realty. The building includes 96 residential units and two commercial units, spanning 89,365 square feet.

Stonehenge and SL Green inked a 99-year ground lease for $31.2 million in 2012 and jointly renovated the building over two years, at a cost of a reported $13 million. Studios at the luxury dwelling, constructed in 1932, start north of $3,100.

It’s a significant pickup for Fine Times Inc., an under-the-radar firm that has typically bought smaller rental buildings on the Upper West Side and in Brooklyn Heights.

The seller, St. Luke’s, still owns an adjacent office building at 1900 Amsterdam Avenue and 1111 Amsterdam Avenue.