The New York City Economic Development Corporation has officially sold 525 East 73rd Street to Memorial Sloan-Kettering Cancer Center and Hunter College for $226 million.
The partnership, on the deed as Memorial Hospital for Cancer and Allied Diseases, has officially bought the property from the agency, which oversees the sale or lease of city-owned land to private companies. EDC and MSKCC officials confirmed the deal closed on Monday. It appeared in property records today. With the deed in hand, construction can begin on the nearly 1.2-million-square-foot complex near the East River following pushback from Upper East Side residents.
At first glance, a world-renowned cancer hospital and a design firm credited for revitalizing Manhattan’s Meatpacking District would appear to be an unlikely pairing.
Yet, Memorial Sloan Kettering Cancer Center has chosen ICRAVE, a design and branding shop behind trendy nightclub Tenjune and dance party lounge SL NYC, for the interior design of its two new facilities, the Josie Robertson Surgery Center and the 74th Street outpatient treatment facility.
Year in Real Estate
Memorial Sloan Kettering Cancer Center has signed a seven-year, 54,200-square-foot sublease with EdisonLearning, Inc. at 485 Lexington Avenue, Commercial Observer has learned.
MSKCC will occupy the second floor of the building and the lease will run through the end of EdisonLearning’s own sublease of the space, as EdisonLearning had subleased it from Advance Magazine Publishers for an 11-year term in 2009 after relocating from its previous offices at 521 Fifth Avenue.
The city’s aging population, a drive for state-of-the-art facilities and strong hiring across the health care industry prompted unprecedented growth in leasing activity in the health care sector across the five boroughs in 2012.
Memorial Sloan-Kettering, Mt. Sinai, Montefiore Hospital and Inventa Health were among the dozens of hospitals and medical companies to announce bold new initiatives to expand their footprints in the city in 2012, and those developments are only a sign of what’s to come, brokers and analysts predict.
The New York City Department of Sanitation has initiated what amounts to a land-swap with the City University of New York and the Memorial-Sloan Kettering Cancer Center that will allow for the development of a new outpatient cancer center and a consolidated location for CUNY Hunter College’s health and basic sciences campuses.
Mark Weiss, Justin DiMare and Howard Kesseler from Newmark Grubb Knight Frank represented MSKCC in its $215 million purchase of the 66,000-square-foot parcel of land at 525 East 73rd Street that will be the site for the development. The spot was previously the home of a New York City Department of Sanitation garage facility, which was demolished in 2008 to allow for the construction of a new facility. That project never got off the ground and in 2011 the New York City Economic Development Corporation issued a Request for Proposals for its sale and development.
Memorial Sloan-Kettering Cancer Center, one of the world’s oldest cancer centers, has reportedly agreed to take 100,000 square feet at 650 Madison Avenue, making it one of the largest lease deals in 2012.