The Real Deal New York

City’s biggest hospital system in talks for $300M UES buy

The Third Avenue properties are owned by the Glick family
September 07, 2017 06:00PM

1345 Third Avenue

Northwell Health, the city’s biggest hospital system, is in talks to buy residential and retail properties along Third Avenue on the Upper East Side for nearly $300 million.

The company, which owns 18 hospitals, could knock down the properties — which are located between East 76th and 77th streets and owned by the Glick family — and build a 250,000-square-foot building, Crain’s reported. It’s not clear if Northwell plans to do that.

The office of the family-owned Mautner-Glick is located at 1345 Third Avenue, one of the buildings in the Glicks’ portfolio.

If the deal goes through at the price that’s being negotiated, Northwell would pay nearly $1,200 per square foot. The parcels are a block away from one of the company’s other hospitals, Lenox Hill Hospital.

Last month, Memorial Sloan Kettering Cancer Center signed a 48-year lease to fully occupy a 100,000-square-foot building at 330 East 62nd Street. [Crain’s] — Kathryn Brenzel