The Real Deal New York

NewYork-Presbyterian looking for as much as 500K sf

237 Park Avenue, 28 Liberty and One New York Plaza on hospital’s short list

June 21, 2016 05:20PM
By Rich Bockmann

From left: 237 Park Avenue, 28 Liberty Street and One New York Plaza

From left: 237 Park Avenue, 28 Liberty Street and One New York Plaza

Don’t call a doctor, call a landlord! NewYork-Presbyterian Hospital is checking out several locations in Manhattan where it can consolidate space into a new administrative center. The space could be as large as 500,000 square feet.

The hospital, the largest medical center in the city, staffs nearly 2,400 beds spread across six campuses in Manhattan and Westchester.

But the city’s hospitals are increasingly looking to free up space that could be used for medical purposes by moving administrative and support functions into office buildings, and NewYork-Presbyterian is in the midst of a search with a handful of properties on the short list, sources told The Real Deal.

Those buildings include RXR Realty’s 237 Park Avenue in Midtown as well as Brookfield Office Property’s One New York Plaza and Fosun Realty’s 28 Liberty Street in the Financial District, according to a source with direct knowledge of the search.

John Cefaly and Michael Burgio at Cushman & Wakefield are leading the search. The brokers could not be immediately reached for comment.

Earlier this year, NewYork-Presbyterian signed a 15-year lease for more than 10,000 square feet at 463 Seventh Avenue in the Garment District, as the Wall Street Journal originally reported. The hospital, which is affiliated with the Ivy League medical schools at Columbia and Cornell universities, has had financial and bookkeeping operations at the Adams & Company building since 2009, and the expansion brought its footprint to roughly 55,500 square feet.

But that pales in comparison to the institution’s vast needs, and the hospital is looking for a location that can accommodate several hundred thousand square feet, possibly as much as half a million.

MENU