The Real Deal New York

Mount Sinai buys back Hell’s Kitchen building for $72M

The hospital network sold the building in 2015
By Christian Bautista | April 27, 2018 06:45PM

432 West 58th Street. Photo credit: Google Maps

Mount Sinai Health System has reunited with a Hell’s Kitchen building it sold in 2015.

The hospital network bought back 432 West 58th Street, an 11-story building that sits between Ninth and 10th avenues, for $71.5 million, according to property records filed with the city today. Mount Sinai owned the building until 2015, when it agreed to a $55 million deal with Italian private school La’Scoula d’Italia.

La Scoula ran into legal trouble over the conversion of the medical facility into a school building. In 2016, the condo board of its neighbor, 426 West 58th Street, sued La Scoula  over “unsafe conditions and loud demolition noises” at the construction site. Plans for the renovation include the installation of a new façade, a performance studio and a media center. La Scoula was expected to use the building as its headquarters, but was unable to move in.

The sale marks the second time that the property has changed hands in the past four months. The seller, investment management firm Rosemawr Management, flipped the property for a $12.5 million profit. It bought the 172,000-square-foot building for $59 million last December.

The transaction continues Mount Sinai’s expansion across New York City. The health care network signed a deal for 18,000 square feet at 55 Hudson Yards in March. It also opened an urgent-care facility at 110 York Street in Dumbo in January.