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Doc' shop at church site?

YYY 62nd Street LLC closed on the acquisition of a block-through development site on the Upper East Side purchased from the Archdiocese of New York.

The 13,706 s/f site at 330 East 62nd Street tan accommodate 98,500 s/f on a rectangular block-through footprint. The developer is planning a community facility project catered toward medical office, education use, or student and resident-doctor housing.

Newmark Grubb Knight Frank leasing advisors Justin DiMare and Howard Kesseler are exclusively marketing the project.

"A development exclusive for institutional use is unique and this size footprint could accommodate a full-size gym and efficient classrooms for a space for a biotech user seeking proximity to the neighborhood's hospitals," said DiMare.

"Spaces can be designed-to-suit and delivered on a leasehold condominium basis, which for 501c3 non-profit users, can be eligible for real estate tax exemption."

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Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1USA
Date:Feb 26, 2014
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