UES gets new medical condominium

New York /
Sep.September 08, 2008 03:07 PM

A new medical condominium has come to the Upper East Side.

Developers Taconic Investment Partners and ABR Partners’ 30,000-square foot-building at 429 East 75th Street, between First and York avenues, is offering seven full-floor condos, including the basement, for doctors’ private practices.

Three floors were added to the building, which was previously used as a garage, and it was topped off at six stories tall in August.

Hoping to attain LEED certification, the building is being renovated with an energy efficient heating and cooling system, and architects Murphy Burnham & Buttrick reused the original building materials and added green building materials, said Paul Wexler, president of Corcoran Wexler Healthcare Properties, the exclusive sales agent for the project.

Murphy Burnham & Buttrick also preserved the building’s original 1930s Art Deco facade.

The seven units range from 2,200 to 5,700 square feet, with prices from $1,100 to $1,350 per square foot.

Wexler said none of the units have gone to contract yet, but an orthopedic surgeon, neurologist and radiologist have looked at spaces and are in the process of purchasing units. Each space will be constructed based on the doctors’ specifications and needs, and the building will include two elevators, one large enough to fit a gurney, and a back-up power generator.

“I think most doctors prefer to own their own space,” Wexler said. “Initially, it’s an office, and later it can become a real estate investment. Moving forward, you can rent out portions or the entire space to other doctors.”

Wexler said the benefits of creating the building as a medical community on the Upper East Side is that the doctors can refer patients to one another, and they will be in close proximity to several hospitals, including Memorial Sloan Kettering, New York-Presbyterian Hospital and Lenox Hill Hospital.

The building will be ready for move-in by the end of the year.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Kent Companies' Bill Kent and the late T. Boone Pickens with Mesa Vista Ranch at 2050 Reynolds Ranch Road (Kent Companies, Getty, Hall and Hall)
T. Boone Pickens’ Texas ranch has sold for $170M
T. Boone Pickens’ Texas ranch has sold for $170M
From left: Swig Equities' Kent Swig and Dignity Gold's president Stephen Braverman (Getty, Facebook, Swig Equities, Dignity Gold)
SEC sues Kent Swig’s cryptocurrency partner
SEC sues Kent Swig’s cryptocurrency partner
SL Green's Marc Holliday, AECOM's Troy Rudd and 100 Park Avenue (Getty, AECOM, LoopNet)
Construction giant saws off half of Park Avenue office space
Construction giant saws off half of Park Avenue office space
From left: Trinity Place Holdings’ Matthew Messinger and Macquarie Group’s Shemara Wikramanayake along with 77 Greenwich Street (Getty, Trinity Place Holdings, Macquarie Group, Google Maps)
Trinity Place gets extension to finish troubled 77 Greenwich
Trinity Place gets extension to finish troubled 77 Greenwich
Issue is Live December 2022
TRD’s December issue is live for subscribers!
TRD’s December issue is live for subscribers!
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...