NewYork-Presbyterian Hospital paid nearly $251 million – or about $500 per square foot – for its 500,000-square-foot office space at 237 Park Avenue. And if that seems like a bargain, consider the fact that they have to give it back to their landlord after 30 years.
The hospital paid $250.8 million to buy a leasehold condominium interest at RXR Realty’s 1.2 million-square-foot Midtown office building, property records filed with the city Thursday show.
As a nonprofit, New York Presbyterian enjoy tax benefits by owning, rather than leasing, its office space. RXR created an office condo for the hospital to buy that dissolves after 30 years.