New York’s Slate Property Group and Evenhar Development have announced that they will develop a new medical office and community building for Mount Sinai Health System, on 1578 Lexington Ave. In East Harlem.
The site on the corner of Lexington Avenue and East 101st Street is just a few blocks of the main campus of Mount Sinai Hospital.
The 13-storey building comprises 150,000 square feet of medical office space, which will focus on outpatient services, and a daycare center for Mount Sinai employees.
The remaining space is for the East Harlem Center, a community shub that is managed by local non-profit Kinderhulp and a new facility for Life Changers Church, a long-term presence in the community. The part of the East Harlem Center, about 19,000 square feet, will be at the lower level and up to the third floor, consisting of classrooms, a basketball court and a gymnatorium. The New Life Changers Church will be on the lower levels and the ground floor.
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Currently empty, the site was purchased in 2023 by Evenhar from Life Changers Church for around $ 5.9 million.
JP Morgan will provide a construction loan of $ 119 million, and Goldentree Asset Management offers a $ 40 million preferred investment. The construction is planned to start and complete in September by the spring of 2028.
At the time of the press, Berg Sinai had not responded Director of Commercial Real EstateThe request for additional information.
The project architect, Kutnicki Bernstein Architects, was also responsible for a recent multi -family project, the Alanza, on 957 Atlantic Ave. In Clinton Hill, Brooklyn.
Mobs still usually healthy
Although investments in the sector of the medical outpatient construction sector encountered a number of headwind in the first half of this year, “various positive trends signal opportunities for the rest of the year,” said a Mid -Year report from Cushman & Wakefield. “Prices have shown that resilience, cap -rates remain competitive and the most important sectors within Mob are ready for a rebound while the capital markets stabilize.”
MOB transaction volume fell by 19 percent on an annual basis, to $ 3.5 billion in the first half, due to economic uncertainty and higher interest rates. However, the report noted that a small solution could indicate better prospects in the second quarter.
Cushman & Wakefield expect that with transaction cutting rates that stabilize around the reach of 7 percent, investors in alternative real estate will continue to show interest in the sector.
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