Lease Beat

Mount Sinai Expansion Tops 20,000 Square Feet of Leasing at 1556 Third Avenue

The Icahn School of Medicine at Mount Sinai has signed a 10-year, 3,616-square-foot expansion on the fifth floor of Muss Development’s 1556 Third Avenue, known as the Agora Building, The Commercial Observer has learned. Asking rents were not disclosed.

The medical tenant’s lease, which brings its total footprint to 8,424 square feet, is the largest of 20,000 square feet of new leases and renewals at the Upper East Side property.

“The Agora Building at 1556 Third Avenue is meticulously maintained, providing Upper East Side tenants a high-end leasing option in an area with few comparable alternatives,” said Jason Muss, principal at Muss Development, in a prepared statement. “We continue to see strong demand for space.”

agora1[1](1)The Icahn School of Medicine, chartered in 1963, currently has 607 medical students and over 500 PhD and Masters candidates enrolled. The school’s annual budget is $1.5 billion.

As reported by The Commercial Observer, Mount Sinai Heart signed a 4,808-square-foot lease on the fifth floor of 1556 Third Avenue last year.

Other recently announced leases at the Agora Building include 1,653 square feet for Bright Kids NYC, a tutoring service, and 1,557 square feet for Toll Brothers, one of the nation’s largest homebuilders. Renewals include 2,800 square feet for Huntington Learning Center.

Built in 1915, the six-story, 78,179-square-foot Agora Building was renovated in 1989 and is currently 98 percent leased. According to the Muss Development website, the property boasts 1,669 square feet of availability. Other tenants include Duane Reade and William Doyle Galleries.

Muss was represented in-house on all transactions at the Agora Building by Ross Spitalnick. Mount Sinai was also represented in-house.

Muss Development could not be immediately reached for comment.

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