Hospital leases entire UES development

Medical center Memorial Sloan Kettering deal includes buy-option
August 30, 2017 08:33AM

Rendering of 330 East 62nd Street (credit: Maddd Equities)

Memorial Sloan Kettering Cancer Center signed a 48-year lease for Joy Construction and Maddd Equities’ medical development at 330 East 62nd Street.

The deal, which covers the entire 100,000-square-foot building, also includes an option to buy the property, the New York Post reported. The lease’s value is reportedly $86 million.

Joy and Maddd bought the site for $21 million in 2014, according to property records, and tapped Karl Fischer Architects to design the building. Newmark Knight Frank brokered the lease.

Last year, Memorial Sloan Kettering expanded by 69,000 square feet at another location, 1 Dag Hammarskjold Plaza. [NYP] — Konrad Putzier