The Real Deal New York

Blumenfeld, Forest City Ratner lease East Harlem retail space

Mt. Sinai Hospital takes 14,500 square feet in East River Plaza

March 07, 2014 03:01PM

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East River Plaza in East Harlem

East River Plaza in East Harlem

A developer based in upstate New York leased 14,500 square feet of retail space at the East River Plaza in East Harlem to Mount Sinai Hospital.

The hospital will use the space on the fourth floor of 520 East 117th Street near FDR Drive as a dialysis center, the New York Observer reported. Mount Sinai’s in-house broker Tom Ahn represented the tenant. It wasn’t clear who represented the owners of the complex, Blumenfeld Development Group and Forest City Ratner Companies.

Mount Sinai is also working on opening a new biotechnology center in the neighborhood, as The Real Deal previously reported. The choice to run a medical facility out of a retail plaza instead of on a hospital campus may attract more patients, according to landlord David Blumenfeld.

“The costs of an operation like this in a hospital are much higher due to the regulations and infrastructure costs,” Blumenfeld said to the Post. “Plus, patients like the convenience of going to a retail center versus a hospital for these types of services.”

Other tenants in the 500,000-square-foot big box retail shopping center, which opened in 2009 and spans from East 116th to 119th streets, include a number of national chains, including Costco, Target and Planet Fitness. [NYO] – Angela Hunt

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