Noteworthy Midtown South development sites, or potential development sites, seem to have been focused on the west side of Manhattan over the past several years. Be it Hudson Square, the Meatpacking District or Greenwich Village, the east side has not gotten much development love. But all that changed last fall with the news that the former Cabrini Medical Center site, a five-building complex on East 19th Street between 2nd and 3rd Avenues, was on the market for sale or net lease.
The property, which is being marketed by a team at Grubb & Ellis led by Executive Managing Director Vincent Carrega, received a preliminary bid of $80 million at the end of last year, reportedly from developer J.D. Carlisle. Yesterday, Crain's New York reported that an $80.1 million bid was submitted by Memorial Sloan-Kettering Cancer Center. However, at those pricing levels, Cabrini falls short of the funds it needs to pay off its creditors, with the medical institution having filed for bankruptcy last summer. As a result, Grubb & Ellis filed a motion in the Bankruptcy Court for the Southern District of New York to arrange for an auction of the property, which is scheduled to be held tomorrow, barring additional interested parties emerging.
The development opportunities for the property are diverse because of the site being zoned for residential or community facility use. The property consists of 400,000 SF of above-ground space and 54,000 SF of basement space.
As soon as a winning bidder is announced or should other developments regarding this possible development site be released, we will let you know.
The Midtown South Property Tracking System
Wednesday, January 27, 2010
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