Nonprofit organization buys six-building strip in UES for $232M

Northwell Health is developing a facility along Third Avenue between East 76th and 77th streets

TRD New York /
Aug.August 06, 2018 12:03 PM

The property at East 76th Street to East 77th Street along Third Avenue (Credit: Google Maps)

UPDATED, Aug. 6, 12:30 p.m.: The University Financing Foundation, a healthcare and university-focused nonprofit, has purchased a strip of six buildings on the Upper East Side for $232 million. And Northwell Health, the largest hospital system in the city, will develop a complex on the properties.

The assemblage, which the nonprofit bought from Mautner-Glick, stretches from East 76th Street to East 77th Street along Third Avenue, according to both parties.  Addresses include 201-203 East 76th Street, 1339 Third Avenue, 1345 Third Avenue, 200 East 77th Street and 202 East 77th Street.

All of the buildings are vacant. Former residents either moved when their leases expired or went to other properties that Mautner-Glick manages.

Bob Knakal, who recently left Cushman & Wakefield brokered the deal with Cushman’s Mark Weiss.

Northwell plans to use the site for a new outpatient care center, a cancer center, an ambulatory surgery center and medical offices. The company had been rumored to be paying almost $300 million for the sites in the fall.

Mautner-Glick added four Upper East Side buildings to its portfolio in November, when it bought 212-218 East 85th Street between Second and Third avenues for $30 million.

Correction: This story has been updated to clarify that the University Financing Foundation purchased the six-building stretch, and that Northwell Health will be constructing a medical facility on the properties.


Related Article

arrow_forward_ios

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

From left: 2785 Broadway, 521 Bergen Avenue in the Bronx, and 1685 First Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

The Real Deal takes a look at the calls made to NYC’s 311 hotline over the past year. (Credit: iStock)

What NYC tenants complain about the most by neighborhood

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

21 East 63rd Street (Credit: Compass)

The Chopard Mansion is on the market for $40M

Real estate titans … and their toys

Developer seeks $40M for Opportunity Zone site in downtown Newark

arrow_forward_ios