EmblemHealth Renews AdvantageCare Physicians’ Flatiron Branch
By Abigail Nehring January 25, 2024 5:14 pm
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EmblemHealth, the nation’s biggest nonprofit health insurer, will keep the doors open at the Flatiron branch of AdvantageCare Physicians, Commercial Observer has learned.
EmblemHealth renewed its lease for 18,390 square feet of 21 East 22nd Street for another nine years, according to landlord broker Newmark (NMRK). The practice has 10,950 square feet on the ground floor and 7,440 square feet on the lower level.
A source with knowledge of the deal said the asking rent was $100 per square foot on the ground floor and $60 per square foot on the lower level.
The insurance provider signed a lease for the street-level space at the 12-story co-op in 2008, according to Newmark. Emblem rented it to medical providers, including Quest Diagnostics and Manhattan’s Physicians Group, until Manhattan’s Physicians merged with EmblemHealth and three other medical groups in 2013 to create AdvantageCare.
AdvantageCare, EmblemHealth’s neighborhood clinic network, has six locations in Manhattan, according to testimony the group submitted to the state legislature last year.
Colliers (CIGI)’ Brian Given and Sheena Gohil arranged the deal for EmblemHealth while Newmark’s Jeffrey Roseman and Richard Gelber represented the owner, 13-21 East 22nd Street Residence Corporation. Given and Gohil did not respond to requests for comment.
Roseman said in a statement that the renewal is evidence of continued strong demand for neighborhood medical providers in New York City.
“EmblemHealth has been a trusted staple in the area, and we are pleased to keep them in the space for many years to come,” Roseman said.
Abigail Nehring can be reached at anehring@commercialobserver.com.
