The Real Deal New York

Mount Sinai purchases vacant East 103rd Street lot for $25M

December 21, 2011 01:43PM
By Katherine Clarke

The Upper East Side’s Mount Sinai hospital has purchased a 15,000-square-foot lot at 14-20 East 103rd Street from the New York Academy of Medicine for $25 million, according to public records filed with the city today, topping off a year in which the hospital added to its real estate holdings significantly.

The lot, which is currently used for parking and is zoned for residential uses at a maximum floor area ratio of 3.44, closed Dec. 5, records show. The site could feasibly be developed as a tall slender building, according to zoning regulations.

While the hospital has announced no immediate plans to expand further, it may develop on the site in the future, a spokesperson said.

“The parking lot on East 103rd Street is contiguous with Mount Sinai’s main campus and represents an important purchase for potential future growth,” the spokesperson said. “There are no plans to develop the property at this time.”

Representatives for Mount Sinai and the New York Academy of Medicine were not immediately available to comment.

It was not immediately clear if brokers were involved in the deal.

The Mount Sinai Hospital, located on the eastern border of Central Park, at 100th Street and Fifth Avenue, was built in 1851 has been doing its part to transform the evolving surrounding area, The Real Deal previously reported.

The hospital has various projects in the works, including two brand-new buildings: Mount Sinai’s new Center for Science and Medicine, a research building, and a 43-story residential tower at 4 East 102nd Street.

Set to open in spring 2012, four of the lower levels of 4 East 102nd Street will join with Mount Sinai’s new 12-story Center for Science and Medicine and add about 40,000 square feet of new space for expansion of Mount Sinai School of Medicine’s state-of-the-art medical research and clinical facilities.

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