Carrega and Epstein of Avison Young complete $31 million Upper East Side land sale

Greg Kraut, Avison Young principal and managing director of the company's New York City office, announced today that the company's investment sales team has completed the sale of a prime development site on the Upper East Side to Hospital for Special Surgery. Vincent Carrega and Jon Epstein, principals in the firm's New York City-based Capital Markets Group, represented the seller, a private family owner. Hospital for Special Surgery, the nation's oldest orthopedic hospital, acquired the site for the expansion of its Eastside campus. The property, located mid-block at 517 and 523 East 73rd St. between York Avenue and the FDR Drive, was purchased for $31 million and is zoned for manufacturing and community facility use that can support more than 130,000 s/f of development. "This transaction is a great example of the veritable strengths of Avison Young's investment sales team in identifying high-quality buyers for strategically located development sites," said Kraut. The property is within a few blocks from Hospital for Special Surgery's main campus at 535 East 70th Street, and is in close proximity to the other hospital and medical centers that support the Upper East Side. "On behalf of the sellers, we were able to secure a not-for-profit buyer, which is a great fit for this property and complementary to the medical character of the neighborhood," comments Epstein. "This site presented a unique opportunity for Hospital for Special Surgery to develop a new facility near to its existing main campus."