Mount Sinai is poised to utilize a new medical office building in East Harlem, courtesy of Slate Property Group and Evenhar Development.
The partners are joining forces on a medical office and community facility property at 1578 Lexington Avenue, Crain’s reported. The site is a few blocks away from the health system’s main campus.
JPMorgan is providing $119 million in construction financing for the project, while GoldenTree Asset Management is putting forth a $40 million preferred equity investment. Construction is estimated to cost $190 million.
At the corner of Lexington Avenue and East 101st Street, the developers are eyeing a 13-story, 175,000-square-foot building with 150,000 square feet of medical office space and 19,000 square feet for the East Harlem Center, which will be run by local nonprofit Children’s Aid and include classrooms, a basketball court and a dual gymnasium/auditorium. Mount Sinani, meanwhile plans to use the space outpatient clinical services
There will also be a daycare center for Mount Sinai employees and a facility for Life Changes Church, a religious institution with decades of experience in the community. Evenhar acquired the site from the church two years ago for $5.9 million and the land is vacant.
Construction is expected to begin this month and wrap by spring 2028.
Slate, led by David Schwartz and Martin Nussbaum, recently agreed to buy the Stewart Hotel in Midtown Manhattan from Jack Yadidi’s Sioni Group and Isaac Chetrit’s Patriarch Equities for around $275 million. Slate and partner Breaking Ground are looking to turn the shuttered hotel into permanent affordable housing.
Oren Evenhar’s firm has a portfolio including Lexington South and 50 Greenpoint Avenue in the eponymous Brooklyn neighborhood. Things have been quiet recently for the company, which secured a 10-year lease from City Roots Hospitality for a 4,300-square-foot Mexican restaurant at 37 West 19th Street last February.
Elsewhere in East Harlem, David Bistricer’s Clipper Equity struck a deal this spring to buy the large vacant plot of land at 1800 Park Avenue from the Durst Organization for more than $50 million.
— Holden Walter-Warner
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