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
Denizen Bushwick at 54 Noll Street (Photos via Denizen Bushwick)

All Year nears $650M financing for Bushwick luxury rentals

All Year nears $650M financing for Bushwick luxury rentals
The decline in contract activity may signal a drop in sales in the coming months (iStock)

Pending homes sales dipped in September

Pending homes sales dipped in September
(Getty, iStock)

Refinancings drove up home mortgage apps last week

Refinancings drove up home mortgage apps last week
40 East 72nd Street and Spiros and Antonia Milonas  (Getty; Google Maps)

Under water: Shipping magnate’s troubled UES condo is bankrupt

Under water: Shipping magnate’s troubled UES condo is bankrupt
U.S. home prices rose with Phoenix, Seattle and San Diego logging the biggest gains (iStock)

US home prices jump 5.2% in August

US home prices jump 5.2% in August
An estimated 12.8 million Americans would owe an average of $5,400 from missed payments (iStock)

Rent debt could reach $70B by year’s end: Moody’s

Rent debt could reach $70B by year’s end: Moody’s
19 Strong Place and 161 Warren Street (Google Maps, iStock)

Brooklyn’s luxury market has best week since before the pandemic

Brooklyn’s luxury market has best week since before the pandemic
14 East 11th Street and 21 East 61st Street (StreetEasy)

“Bidding war”: $28M townhouse tops luxury deals in Manhattan

“Bidding war”: $28M townhouse tops luxury deals in Manhattan
arrow_forward_ios

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

Loading...