Hospital Plans Upper East Side Land Grab: Report

UPPER EAST SIDE, NY — New York City's largest hospital operator has its eyes set on a parcel of land on the Upper East Side, and is reportedly willing to pay a high price to acquire it.

Northwell Health, which operates several hospitals around the city including Lenox Hill Hospital, is in talks with the Glick family to buy up several retail and residential properties on Third Avenue between East 76th and 77th streets, Crain's New York first reported.

The property parcel could sell for a price as high as $300 million, a source familiar with the deal told Crain's. The Glick family — the current owners of the buildings — declined to speak with Crain's about the deal.

If Northwell Health assumes ownership of the parcel it could potentially knock down the existing buildings and construct a 250,000-square-foot development, Crain's reported. Whether that new development would be a medical facility or some other kind of building is unknown.

Northwell Health won't be the only hospital expanding to the Upper East Side. Memorial Sloan Kettering recently agreed to a 30-year lease with an entity named YYY 62nd Street LLC for a property located at 330 E. 62nd St. near the Queenboro Bridge off-ramp, according to public real estate documents. The lease includes provisions that would allow the hospital to purchase the land.

Read the full Crain's article here.

Photo by Google Maps street view.