Lease Beat

Sloan-Kettering To Expand Near UES Campus

1114 First Avenue

Memorial Sloan-Kettering Cancer Center will expand to occupy the entire 38,864-square-foot office footprint at Himmel + Meringoff’s 1114 First Avenue through a nine-year, 11,104-square-foot expansion, Commercial Observer has learned.

Officials at the 130-year-old institution have inked the larger spread for non-medical staff offices on the northeast corner of First Avenue and East 61st Street in space the cancer center has occupied since 1992 in large part because of the Upper East Side building’s proximity to the Memorial Sloan-Kettering main campus five blocks north, said Leslie Himmel, co-principal of Himmel + Meringoff. Read More

Health care

Modern Medicine: How Fundamental Health Care Changes are Reshaping the Medical Real Estate Game

Doctors at Memorial Sloan-Kettering. (Credit: abcnews)

Several months ago, I unearthed a clock radio from an old box of belongings and set it up in my bathroom so I could rock out to some tunes as I showered before work. 

At times, I was slightly amused by the segues of deejay banter, but the in-your-face commercials slinging everything from car insurance to pet food were less charming. 

An ad about a cancer survivor who had achieved her dream of having children after receiving the best, most convenient care at a particular outpatient cancer treatment facility at first struck a chord, but by the fifth or sixth iteration, it admittedly grew tiresome, and I retired that particular station altogether. Read More

Sales Beat

Joseph Chetrit and Partners Sling $150 M. at Former Cabrini Medical Center Site

Joe Chetrit (DNAinfo/Mathew Katz)

Joseph Chetrit is in contract to purchase the 1.5-acre former Cabrini Medical Center site at Second Avenue and East 19th Street, The Wall Street Journal reported today.

The Chetrit Group and its partners have agreed to pay more than $150 million for the five-building complex owned by Memorial Sloan-Kettering, sources familiar with the deal confirmed with The Commercial Observer.

The Journal noted that Mr. Chetrit is purchasing the property with the same group of investors that he bought the Sony Building with, which included David Bistricer and put the man at the helm of Clipper Equities on the map among commercial real estate’s elite. Read More

Year in Real Estate

In 2012, Hospitals Expand Real Estate Footprints, from Brooklyn to Harlem

New York City Exteriors And Landmarks

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. Read More

Market Report

Studley Doesn’t Think 2nd Quarter Market Takes After Their Name

The economy is dithering and demand for space in the Midtown and Downtown office markets has not been sturdy enough to absorb new product–like 4 World Trade Center and 55 W. 46th Street– according to commercial real estate brokerage firm Studley’s The overall availability rate in Manhattan rose by 0.4 percent to 11.1 percent, the report says. Class A availability in submarkets have also been affected by market malaise. In the Plaza District, which had an availability rate of 8.5 percent in third quarter of 2011, now has an availability rate of 11.1 percent. Midtown’s availability for Class A space rose to 11.62 percent, its highest mark since the first quarter of 2011.

Downtown’s availability rate did not fare any better. It jumped up by 2.14 percentage points to 12.01 percent, with impending vacancies at the World Financial Center and the delivery of 4 World Trade Center to the marketplace affecting the overall rate. Read More