Manhattan, NY Simone Development Companies has signed a long-term lease renewal with Northwell Health for 5,936 s/f at 170 East 77th St. in the borough’s Upper East Side neighborhood. Northwell Health remains the sole commercial tenant at the property, continuing to provide essential healthcare services to the surrounding communities.
Simone Development’s in-house leasing and legal teams handled the negotiations directly with the tenant.
“We are thrilled that Northwell Health has decided to renew its lease at 170 East 77th St.,” said Joe Simone, president of Simone Development Companies. “This renewal highlights the value of the space and underscores Simone Development’s ongoing partnership with one of New York’s leading healthcare providers.”
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,