A team from Newmark Grubb Knight Frank (NGKF) has represented Memorial Sloan-Kettering Cancer Center (MSKCC) in the purchase of a 66,000-square-foot parcel of land on the Upper East Side where MSKCC and CUNY Hunter College will construct new buildings.
An innovative land-swap orchestrated in the midst of a public process was completed to secure the city- owned site on 73rd Street, which had been planning for construction of a new Department of Sanitation (DSNY) garage.
The NGKF team of Mark S. Weiss, Justin DiMare and Howard Kesseler identified a replacement site for the Sanitation garage that met all of DSNY’s exacting specifications. “In doing so, we were able to arrange the acquisition of the 73rd Street site, which is large enough for MSKCC to expand its New York City footprint and for CUNY to develop the Hunter College Science and Health Professions Building, advancing both institution’s important roles in New York City,” said Mr. Weiss.
The site stretches from 73rd to 74th Street, east of York Avenue all the way to the FDR Drive. The MSKCC main campus is located nearby at 1275 York Avenue between 67th Street and 68th Street. “The development site is also perfectly suited for Hunter’s Science and Health Professions Building,” Mr. Weiss noted, “since it is near the main Hunter campus at 68th St. and Lexington Avenue and a number of the City’s great hospitals.”
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs in excess of 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.