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Avison Young Arranges Deal for Weill Cornell Development
Weill Cornell Medical College has purchased a development site with a zoning floor area of 112,420 square feet at 1393 York Ave. for $68 million. This enabled the seller, the Church of the Epiphany, to simultaneously purchase a 24,409-square-foot property a block away at 351 E. 74th St. for $22.5 million from Jan Hus Presbyterian Church.
Weill Cornell plans to build housing for medical students at the York Avenue site. As part of the deal, the Church of the Epiphany will remain at 1393 York for two years as a tenant while renovating its new home at 351 E. 74th, and Weill Cornell gains approval for its development.
Avison Young’s James Nelson, Jon Epstein, Charles Kingsley, Neil Helman and Toku Saito handled the two sales. The firm’s Susan Kahaner and Jennifer Ogden are representing Jan Hus in its search for a replacement property. Savills Studley’s Ira Schuman advised Weill Cornell.
For comments, questions or concerns, please contact Paul Bubny
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