429 East 75th Street

Address: 429 East 75th Street, New York, NY
Submarket: Upper East Side
Size: 30,073 square feet
Type: Office
Date Acquired: October 2006
Date Sold: January 2010

We acquired this four-story former parking facility, relocated the garage tenant, and undertook a complete rehabilitation and expansion to create a 30,073-square-foot, first-class medical office. The site is within the Upper East Side’s “Hospital Corridor,” and offers an ideal location for medical/healthcare office space in an underserved market. Numerous world-class hospitals with leading specialists in every field are located nearby, including New York Presbyterian, the University Hospitals of Columbia and Cornell, Lenox Hill Hospital, Memorial Sloan-Kettering Center, Mount Sinai, Rockefeller University Hospital, and Gracie Mews Hospital.

To capitalize on the full development potential permitted by zoning and attract prime medical tenants, our team implemented substantial improvements throughout the property. We built a rooftop addition, expanded the existing structure, and upgraded a base building, which included renovating the existing façade, replacing windows, creating full-floor tenant units, adding a new elevator/stairway core and marble lobby, and installing new mechanical, electrical, and plumbing throughout the building.

/