Developer Edge Property Group has broken ground on a new mixed-use commercial building at 514-516 West 168th Street.
Architect Nobutaka Ashihara designed the 12-story, 38,400 s/f building, which will feature a 54-room hotel and 15,000 s/f of medical space at its base.
Paul Wexler, of the Wexler Healthcare Properties Team at The Corcoran Group, is leasing the building’s medical space. “Medical space is at a premium in Manhattan,” said Wexler.
“This space not only provides doctors the ability to retrofit the office to meet their individual needs, but gives them the convenience to provide their patients and families the amenities of a full-service hotel, should they need it. This is truly a unique product.”
The building is being developed by Edge Property Group with lending partners the New York City Regional Center, Upper Manhattan Empowerment Zone Development Corporation, Empire State Development, and Signature Bank.
“We saw an opportunity in a dynamic community,” said Ari Sherizen, operating partner at the Edge Property Group.
“The location is unique as it’s a block away from the 1, A and C subway lines but it’s also the closest hotel to major neighborhood destinations like Columbia University Medical Center, New York Presbyterian Hospital and the New Balance Track and Field Center.”