Medical building snapped up for $24M

From left: 429 East 75th Street before its redevelopment and a rendering of it today. Center, Charles Bendit, co-CEO of Taconic.

An unnamed affiliate of the Hospital for Special Surgery has made an all-cash purchase for a medical office building at 429 East 75th Street between York and First avenues. The sellers, Taconic Partners and ABR Partners purchased the property, then a parking garage, in 2006 and transformed it into a 30,000-square-foot medical facility. Charles Bendit, the co-CEO of Taconic, said that the property’s proximity to other medical institutions, such as Lenox Hill Hospital at 100 East 77th Street between Lexington and Park avenues, and Cornell University Hospital at 525 East 68th Street near York Avenue, influenced his decision to develop the medical use building there. The sellers were represented by Paul Wexler of the Corcoran Wexler, part of the Corcoran Group. TRD