The Real Deal New York

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
By Eddie Small | August 06, 2018 12:03PM

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.