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UES Block Will Be Redeveloped into Ambulatory Care Center
Northwell Health and University Financing Foundation are partnering on the redevelopment of an Upper East Side block into an ambulatory care and cancer center. UFF had acquired the 194,000-square-foot parcel of six buildings from GPG Properties, the investment arm of MG Property Management, for $232.2 million.
The parcel is zoned for development of up to 278,000 square feet. “We felt as though the best value was as a potential redevelopment,” Jason Glick, co-managing director of GPG Properties, told Crain’s New York Business.
In a statement, Northwell CEO Michael Dowling said, “We are deeply invested in the Upper East Side, and look forward to the potential to provide additional services in the neighborhood and surrounding communities.”
Blue Sky Real Estate Services and Development helped arrange the transaction for UFF.
For comments, questions or concerns, please contact Paul Bubny
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