St. Lukes Roosevelt Hospital signed a 15-year, 12,500-square-foot lease at the Starrett Development-owned 733 Amsterdam Avenue. A source informed The Commercial Observer that the hospital paid in the high $50s per square foot for the space.
Starrett will build a two-story annex, separate from the rest of the largely residential building, said hospital spokesperson, Jim Mandler. The hospital will take the second floor while retail will operate underneath, he said. The hospital will use the area as a primary and specialty care outpatient facility.
The hospital has been searching for space for its outpatient services facility for about two years, Mr. Mandler said, employing the help of broker Jeffrey Rosenblatt of Newmark Grubb Knight Frank. Michael Dubin of Savitt Partners represented the landlord.
The location is ideal in that it sits between the hospitals two other locations on 59th and 114th streets on Amsterdam/10th Avenue, said Mr. Mandler. Another bonus to St. Luke’s Roosevelt’s new space is its proximity to transportation: the facility will be situated about one block from a major subway hub at 96th Street and Broadway, offering access to the 1, 2, and 3 trains. B and C train service is available two blocks east at 96th Street and Central Park West.
The lease is part of a larger initiative by St. Lukes – Roosevelt to bring medical care to more communities, said Mr. Mandler, and an increasing amount of services are administered through outpatient facilities like the one planned for 733 Amsterdam.
The hospital will continue to search for ways to expand its outpatient care capabilities, particularly in upper Manhattan, he said. He would not say whether St. Luke’s is actively seeking more space or what specific neighborhood might be ripe for a new facility.