Eight-story medical facility could rise on newly-sold parcel

Unidentified buyers recently bought Upper East Side site for medical, residential development

New York /
Feb.February 21, 2014 04:59 PM

UPDATED, 12:16 p.m., Feb. 27: A development site at 330 East 62nd Street on the Upper East Side, purchased by a mystery group of investors from the Catholic Archdiocese of New York for $21 million, may soon be the site of a new 100,000-square-foot medical facility.

Newmark Grubb Knight Frank broker Justin DiMare, who is marketing the space to would-be tenants, told Crain’s that an eight-story building can be raised on the site, with roughly 14,000-square-foot floors and entrances on East 62nd and East 63rd streets.

“It’s the strongest medical neighborhood in the country, almost all the major hospitals in New York City have space on the Upper East Side,” DiMare told Crain’s. “The site could appeal to more than one user who wants their own entrance into the property.”

Currently zoned to permit residential development, if a medical or educational space rises on the site the builders would likely be able to build 20 percent higher, Crain’s said. The owners prefer a medical facility, DiMare told Crain’s, because the demand for such space is growing in the neighborhood.

Neither the new owner — identified only as YYY 62nd Street LLC for now — nor DiMare would reveal the price for the acquisition, which hasn’t yet hit city records. [Crain’s]Julie Strickland


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