NewYork-Presbyterian Secures $186M Refi for Helmsley Medical Tower
By Isabelle Durso April 7, 2025 12:04 pm
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NewYork-Presbyterian Hospital has secured a $186.1 million refinancing for its Helmsley Medical Tower residences on the Upper East Side, according to city records made public last week.
The hospital, through the entity Royal Charter Properties-East, secured the financing from the Dormitory Authority of the State of New York (DASNY), which used an entity of its same name, records show.
Michael Breslin, chief financial officer of New York-Presbyterian, signed for the borrower while Portia Lee, managing director of public finance and portfolio monitoring for DASNY, signed for the lender, according to records.
Spokespeople for DASNY and NewYork-Presbyterian did not immediately respond to requests for comment.
The refi is for the 36-story, 517-unit mixed-use tower at 505 East 70th Street, which comprises medical clinics, hotel rooms and staff residences ranging in size from studios to three-bedroom apartments, according to building engineer Howard L. Zimmerman Architects & Engineers.
DASNY was also the lender of a prior $171.4 million loan on the property, which has an alternative address of 1320 York Avenue, according to PincusCo, which first reported the news.
NewYork-Presbyterian requested the financing from DASNY in January to refund the New York City Housing Development Corporation‘s multifamily rental housing revenue bonds, which originally financed the construction of the Helmsley Medical Tower, according to a memorandum from DASNY.
News of the refinancing comes after NewYork-Presbyterian signed a 10,189-square-foot lease at Simone Development Companies’ medical building in the Bronx in September to open a primary care facility at 2510 Westchester Avenue, as Commercial Observer previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
