Mount Sinai Health System has received US$44 million in funding for a wellness center in Harlem, New York. The funding was provided by JPMorgan Chase who offered a floating-rate loan for the project that will be constructed on 160 West 124th Street Street between Adam Clayton Powell Jr. Boulevard and Malcolm X Boulevard. The site of the building is located where a four-story parking garage was previously operated and was leased to Mount Sinai’s Icahn School of Medicine. Construction is slated to be completed by winter of 2022. Once completed, the medical center will be one of the most prominent medical buildings in Upper Manhattan. It will feature several Mount Sinai departments and clinics consolidating in one place.
The 12-story building will feature unobstructed surroundings that enable views of Central Park and Midtown Manhattan on the upper floors. It is going to be built next to 20 bus routes, 10 subway lines, and the Harlem-125th Street Metro-North station for easy accessibility. Currently, only two other medical office buildings totaling nearly 465,000 square feet are under construction with the largest one being the 403,000-square-foot Hunter College Science and Health Professions Building in the Upper East Side which will be a 16-story building once completed.
“We are excited to be working hand-in-hand with Park-It Management on a project that will positively impact the local medical community,” said the managing director for J.P. Morgan’s real estate banking business, Scott Towbin. “We will continue to see build-to-suit projects evolve the real estate space.” Cushman & Wakefield’s Gideon Gil, Preston Flammang, and Alex Lapidus were part of the equity, debt & structured finance team representing Park-It Management.
“JPMorgan Chase made it very quick, easy, and relatively painless for a construction loan of that amount,” said the managing partner at Park-It Management, Gary Spindler. “We’re excited to create a build-to-suite project for Mount Sinai.”