Sales Beat

Hospital for Special Surgery Pays $31 M. for Upper East Side Development Site

Hospital for Special Surgery has purchased a development site at 517 East 73rd Street and 523 East 73rd Street for $31 million, where it plans to expand its campus along the Upper East Side, The Commercial Observer has learned.

The property, between York Avenue and the FDR Drive, is within a few blocks from the hospital’s main campus at 535 East 70th Street, and in close proximity to the other hospital and medical centers that support the Upper East Side.

“On behalf of the sellers, we were able to secure a not-for-profit buyer, which is a great fit for this property and complementary to the medical character of the neighborhood,” said Jon Epstein of Avison Young in a statement, who represented the seller, a private family owner, with Vincent Carrega. “This site presented a unique opportunity for Hospital for Special Surgery to develop a new facility near to its existing main campus.”

Hospital-for-Special-SurgeryThe site is zoned for manufacturing and community facility use and it can support more than 130,000 square feet of development.  Founded in 1863, Hospital for Special Surgery performs more hip surgeries and knee replacements than any other hospital in the country and is considered a world leader in orthopedics, rheumatology, and rehabilitation, according to a statement from Avison Young.

Last year, Avison Young opened its first office in New York City to expand the firm’s market and business-line coverage in the Tri-State area. Over the past three years, the firm has grown from 11 to 43 offices and from 300 to more than 1,100 real estate professionals across Canada and the U.S.

Follow Al Barbarino on Twitter or via RSS. abarbarino@observer.com