Lease Beat, Acquisitions
On the Market
Cure Urgent Care will open the growing chain’s third location next spring at the Monterey apartment building on the Upper East Side, Commercial Observer has learned.
The company, which also offers walk-in clinic care at locations on Long Island and the Upper West Side, signed a 15-year, 2,900-square-foot lease to occupy a ground floor space in the 521-unit rental property that Rubin Schron owns at 175 East 96th Street. The building that’s between Lexington and Third Avenues commanded asking rents of $145 to $150 per square foot, officials at Cure said.
Related is selling The Monterey, a posh Upper East Side luxury apartment building at 175 East 96th Street, The Commercial Observer has learned.
Sources familiar with the offering said the company hopes to score bids in the $250 to $300 million range for the 29-story tower, which means the firm could snag nearly $575,000 for each of its 522 units.
The announcement came as a surprise to some, as Related built the building in 1993 and has a reputation for hanging on to things.
“I think everybody is surprised when related sells something… they are predominately long-term holders,” the source said. “But I always say that even the best gardens need pruning once in a while, and once every couple of years they sell an asset.”