Printer Friendly

Tenant terminates lease, NY Hospital opens facility.

Through a series of agreements, New York Hospital has agreed to lease space in an East 61st Street location that was once occupied by a branch office of a leading health maintenance organization, it was announced.

New York Hospital will create a 38,000-square-foot administrative and clinical office center in a 12-story and penthouse commercial condominium office building at 425 East 61st Street. This follows the previous tenant's ability to negotiate a settlement with the property's owner in order to terminate its long-term lease.

The series of transactions, including the lease with New York Hospital and the termination of the health maintenance organization's lease on 61st Street were negotiated on behalf of ownership by the New York City-based Williams Real Estate Company, Inc.

Barry Rosner, a managing director of Williams who represented the owner of a major portion of the building, and was responsible for coordinating the transaction, said "One of the challenges in the current real estate market is to ensure that firms are not constricted by layers of obligations that might stifle their ability to concentrate on their core business. In this case, New York Hospital wanted a lease which would give them the ability to deal directly with the property's owner, and the previous tenant wanted to find a way to leave this location without the responsibility of locating subtenants for their remaining lease term. In effect, we created a WIN-WIN-WIN" situation for all parties involved - New York Hospital, the prior tenant and the owners of the property. "

New York Hospital will lease space on part of the seventh and 10th floors, as well as the entire 11th floor through the Penthouse. The Hospital was represented in this transaction by Marion Brady of Brady Consultants, Inc.
COPYRIGHT 1993 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:New York Hospital leases commercial space at 425 East 61st Street, New York, New York
Publication:Real Estate Weekly
Date:Sep 22, 1993
Previous Article:Educating sellers and buyers.
Next Article:The city and state utility tax ... tax, tax.

Related Articles
Newmark arranges 2 leases at 18 East 50th Street.
Manhattan leasing improves in first half.
Activity to continue at faster pace in 1994.
New home for menswear industry takes shape.
Americas Tower offers partnership with the arts.
EDGE Management appointed agent for Deegan Gateway.
South Africans take the path of least disruption.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters