Cushman & Wakefield Retained Exclusively to Sell Medical Office bUilding with Residential Development Potential on the Upper East Side
Cushman & Wakefield has been retained on an exclusive basis to sell a medical office building at 407-409 East 70th Street. The property is located between First and York Avenues on Manhattan’s Upper East Side. The asking price is $26,500,000.
The five-story, plus fully built out lower level, elevator-serviced building contains approximately 15,000 square feet plus and sits on a 50’ x 55.33’ lot. This property, which can be delivered vacant, could be suitable for a doctors’ practice, investment, conversion, or local hospital. The Upper East Side, one of New York City’s most elegant neighborhoods, is known for its top ranked hospitals and schools and the neighborhood continues to attract young professionals and families.
This turnkey medical office property is located in the heart of New York’s major medical center. It is less than one block from New York Presbyterian Hospital and Weill Cornell Medical College, both consistently ranked in the top 10 hospitals in the nation. Additionally, across the street from the property is the Lasdon House, a 15-story doorman style building providing housing for medical and graduate students. Memorial Sloan Kettering is also within walking distance. The surging healthcare market has clearly driven long-term growth in the area and this offering could allow an investor to take advantage of a surging market.
This property also presents a residential development opportunity. It is zoned R8, allowing for a residential conversion as-of-right. It benefits approximately 4,157 square feet of air rights, potentially allowing a developer to add a penthouse. The Upper East Side features an astoundingly low residential vacancy rate and an excellent residential sales market.
“This is a rare opportunity to purchase a 50 foot wide, free market building in the heart of the Upper East Side. We anticipate strong demand from medical users, institutions, and investors alike,” said Cushman & Wakefield’s Guthrie Garvin, who is exclusively marketing this property with Mitchell Levine and James Nelson. “With medical office space located in close walking distance to some of Manhattan’s top hospitals being in high demand, we expect this to be a highly sought after asset,” said Mitchell Levine.