NEW YORK—Lennox Hill Hospital has purchased a walk-up building a 111 East 77th Street, located between Lexington and Park Avenues on the Upper East Side. The property was sold in an all-cash transaction valued at $6.1 million. Lennox Hill Hospital owns two adjacent buildings as well as a hospital across the street.
The three-story building is approximately 5,300 sq. ft. and sits on a 25-ft. by 102-ft. lot. The property is currently configured as a residential duplex above a medical office space. The sale price equates to approximately $1,150 per sq. ft. and $468 per buildable sq. ft.
“The purchase of this property enables them to add over 13,000 sq. ft. to their potential site by taking advantage of the community facility bonus FAR of 5.1 in Community Board 8 should they ultimately develop,” said Massey Knakal Vice President of Sales Thomas Gammino Jr., who exclusively represented the seller in this transaction.
