Hospitals rapidly expanding across the city

New York /
Dec.December 20, 2012 10:00 AM

With billions of Federal dollars pouring into the health care industry, hospitals across the city and its outer boroughs have experienced unprecedented growth in 2012, leading to a jump in leasing activity, according to the New York Observer. Memorial Sloan-Kettering, Mount Sinai Hospital, Montefiore Hospital and Inventa Health were a few among more than a dozen hospitals and medical centers to expand their footprints this year, and brokers and analysts expect the trend to continue.

“The health care industry is the 800-pound gorilla in the house,” Michael Berne, managing director of Lee & Associates’ senior housing group. “It’s a key topic for real estate folks in New York City, as traditional owners start to realize the potential in health care.”

In September, Memorial Sloan-Kettering Cancer Center and the City University of New York made a $215 million deal with the city for the construction of two new science and medical facilities at 525 East 73rd Street on the Upper East Side; Sloan-Kettering made plans to construct a 750,000-square-foot cancer care facility; and CUNY Hunter College arranged to build a 336,000-square-foot Science and Health Professions building.

In October, Montefiore Medical signed a 16-year lease with Simone Development for a new 280,000-square-foot building at Hutchinson Metro Center and in April, Sinai Hospital—Mount Sinai Brooklyn Heights Medical Group—leased the 17th and 18th floors at 1 Pierrepont Plaza in Downtown Brooklyn, for a total of 75,060 square feet. [NYO]Christopher Cameron


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Photo Illustration of Airbnb CEO Brian Chesky and Vrbo CEO Jeff Hurst (Getty)
Home invasion: Vrbo aims to poach listings from Airbnb as summer heats up
Home invasion: Vrbo aims to poach listings from Airbnb as summer heats up
Robert Redford and the Utah ranch (Photos via Getty, UTAH REAL ESTATE / Windermere Real Estate-Utah / Jaisa Bishop)
One of Robert Redford’s Utah ranches hits market
One of Robert Redford’s Utah ranches hits market
Developer Troon Pacific CEO Gregory Malin with the home (Compass, Troon Pacific)
San Francisco’s priciest listing is Cow Hollow spec mansion asking $46M
San Francisco’s priciest listing is Cow Hollow spec mansion asking $46M
Los Angeles, New York and Miami metro areas are in the top 10 of owner-occupied million dollar homes. (iStock)
These metro areas have the most — and fewest — million-dollar homes
These metro areas have the most — and fewest — million-dollar homes
Jordan Slone of Harbor Group and The Henry at 1 Crystal Hill Drive (Harbor Group)
Harbor Group pays $54M for Rockland County apartment complex
Harbor Group pays $54M for Rockland County apartment complex
arrow_forward_ios

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

Loading...