Advertise, Promote, Attend, Create – Work with Connect.
A full service marketing and PR agency.
Meet the team behind the machine and taste a little of the secret sauce.

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

New York & Tri-State  + Uptown/Bronx  + Finance  | 
1520 First Ave. on Manhattan's Upper East Side will contain 396,000 square feet of medical office space

Harbor Group Provides Senior Mezz Loan for Extell Medical Project on Upper East Side

Harbor Group International (HGI) provided a $90-million senior mezzanine loan to Extell Development Company to finance the construction of 1520 First Ave., a 30-story, 420,000-rentable-square-foot office building on Manhattan’s Upper East Side.  

HGI, alongside InterVest Capital Partners, Rexmark and Pacific Western Bank, contributed to the loan financing, which totaled $425 million. Construction of the mixed-use medical office and retail space is expected to be completed in 2025. 

Upon completion, the building will feature over 390,000 rentable square feet of medical space, of which 196,000 rentable square feet is pre-leased to the Hospital for Special Surgery. 

“Across the country – especially cities with a high concentration of residents – there’s an increasing need for world-class medical space,” said Richard Litton, president, HGI. “To support this demand, we are pleased to finance the development of a specialized office space designed to accommodate the unique needs of medical tenants and their patients.” 

Connect

Inside The Story

Harbor Group International

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
Money360-27-cube
NewPoint-09-cube
TaylorStreet-05-Cube