Hospital for Special Surgery Acquires Office Property in Lenox Hill for $42M

The Hospital for Special Surgery has acquired a 34,402 square foot office property located at 506 East 74th Street in Lenox Hill for $42 million. The property was sold by Haug Realty Corp. and the deal was brokered by Stacey Malakoff.

The property is zoned M1-4, R10, which allows for a variety of uses including light manufacturing, commercial, and residential. The building was previously used as a medical office and is located in a prime location in Lenox Hill, a neighborhood known for its high-end residential properties and medical facilities.

The sale price of 42 million represents a price per square foot of 1,220, which is above the average price per square foot for commercial properties in the area. However, the property’s location and potential for redevelopment likely contributed to the higher price.

The Hospital for Special Surgery is a leading orthopedic hospital located in New York City. The acquisition of this property will allow the hospital to expand its presence in Lenox Hill and potentially develop the property for its own use.

Overall, this deal represents a significant transaction in the Lenox Hill commercial real estate market. The high sale price and potential for redevelopment highlight the continued demand for prime properties in the area. The involvement of a major hospital in the transaction also underscores the importance of medical facilities in the neighborhood.