By Holly Dutton
Murray Hill’s Medical Mile just got a whole lot of new neighbors.
The Wexler Healthcare Properties Team at The Corcoran Group, headed by Paul Wexler, leased around 20,000 s/f in 2014 to medical tenants at The Corinthian at 345 East 37th Street.
The mammoth 57-story condo building between First and Second Avenues, takes up more than a full block, and is at the tip of a 20-block span known as Medical Mile along the East side of Manhattan.
It houses 863 residential units and a separate medical building with a separate entrance. The medical facilities total 80,000 s/f.
“That whole area has become very popular,Ë® said Wexler. “NYU has been opening up a number of different centers across the street and down the block and health care in the area has been very active.”
New York University’s Langone Medical Center sits just a few blocks south from the Corinthian, while Bellevue Hospital, the VA Hospital, and Mt. Sinai Beth Israel Hospital are all located down the Eastside stretch of medical facilities.
The area has also seen several new residential buildings come to the area, including 325 Lexington, which just began closing on units, and the Zeckendorf Development’s 50 UN Plaza.
Of the eight different transactions handled by Wexler, most leases were for between 8 and 10 years and featured a range of specialities in the medical field, including dermatologists, radiologists, internists, and ophthalmologists.
Most of the leases were for spaces on the 2nd and 3rd floor of the building, and ranged between 1,352 s/f at the smallest, and 2,500 s/f at the largest.
“I think what’s drawing a lot of interest in this building is the spaces are individually tailored to meet tenants’ requirements,” said Wexler.
Wexler’s team is still working on leasing the remaining 10,000 s/f at the building, and is currently working on a number of pending transactions.
“We do have a couple interesting opportunities remaining,ˮ he said. “One is available that’s 12,000 square feet of space with its own entrance on 38th Street.
“Average rents on Park Avenue South certainly have been experiencing a significant increase,ˮ said Wexler of pricing in the area.
He added that office rents ranged from $50 to $60 a foot on average.
Built in 1987 by Bernard Spitzer, the building’s medical component lobby was also recently renovated, to the tune of $1.3 million.
