New York-Presbyterian Hospital has struck a refinancing for almost $186.1 million on its mixed-use building in the Upper East Side.
Records from the New York City Department of Finance show that the firm's CEO, Michael Breslin, signed off on the transaction for the property known as the Helmsley Medical Tower, at 1320 York Ave. The lender was the Dormitory Authority of the State of New York, with Portia Lee, managing director of public finance and portfolio monitoring, handling the inking of the deal on the other side.
Helmsey was built in 1987. The 36-story building contains a mix of hotel rooms, medical clinics, and staff residences. The apartments available range from studios to three-bedrooms. In total, 517 units are offered at Helmsey. The outside of the building features glass, aluminum, and limestone.
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Along with Helmsey, NewYork-Presbyterian provides its healthcare services in eight campuses in the NYC metro Throughout its portfolio, it has more than 4,000 beds and more than 10,000 affiliated doctors while attracting more than two million visits from patients each year.
A recent report from CBRE is bullish about NYC's medical office building (MOB) segment, in particular. Firstly, it said the signs are pointing to sales volume increasing by 48 percent in 2025. Also, NYC led the nation in the second quarter of 2024 in construction, with 926,643 square feet underway. That trend is expected to continue this year, according to CBRE. Five sites in NYC’s Upper East Side and Brooklyn have been leading the way for the most new construction in the city.
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