How Mount Sinai’s 102nd Street rental tower got a Fifth Ave. address

School convinced Manhattan borough president’s office address would help financially support the hospital

TRD New York /
Nov.November 02, 2017 09:00 AM

1214 Fifth Avenue (Credit: CityRealty)

The Icahn School of Medicine’s 32-story Rental Tower On The Upper East Side Has 102nd Street views, but that didn’t Stop It From Getting A Fifth Avenue address.

When the medical school at Mount Sinai built the 518-foot tower a few years ago, it convinced the Manhattan borough president’s office to use an address at 1214 Fifth Avenue, even though the building was about 150 feet away from the tony street, the Wall Street Journal reported.

In a letter to the borough president’s office, which oversees addresses, Mount Sinai chief financial officer Donald Scanlon said using a Fifth Avenue address would mean higher rents that could help the nonprofit medical school and hospital overcome threatened budget cuts from Washington.

“A key indicator to successful residential developments is the address,” he wrote in 2011. “The marketing of a ‘Fifth Avenue’ address will exponentially affect the leasing rate and the overall revenue performance of this development.”

The borough president’s office, then led by Scott Stringer, granted the request to change the address from 4 East 102nd Street so long as the medical school post a sign on the wall of 1212 Fifth Avenue indicating that the entrance to 1214 Fifth Avenue is on East 102nd Street.

Asking rents at the building, which is managed by Related Companies, are more than $12,000 for a three-bedroom and $4,600 for a one-bedroom apartment. [WSJ]Rich Bockmann


Related Articles

arrow_forward_ios
Developers pulled back on advertising as online traffic and print subscriptions grew (iStock)

Real estate ad dollars vanished as pandemic spread

Real estate ad dollars vanished as pandemic spread
317 West 77th Street (Google Maps, iStock)

Townhouse owners make federal case of cell tower next door

Townhouse owners make federal case of cell tower next door
Fredrik Eklund, Julia Spillman and John Gomes (Getty, iStock)

Threatened by tech, agents turn to app

Threatened by tech, agents turn to app
(iStock)

Mortgage applications to buy homes now higher than a year ago

Mortgage applications to buy homes now higher than a year ago
155 West 11th Street and 1100 Park Avenue (FXFOWLE; Google Maps)

Manhattan luxury market shows tentative signs of activity

Manhattan luxury market shows tentative signs of activity
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
16 Sutton Place (Credit: Google Maps)

Sutton Place co-op in turmoil over terrace fees

Sutton Place co-op in turmoil over terrace fees
Molly Townsend (Getty, iStock)

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint
arrow_forward_ios

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

Loading...