[Hypothalamus]

Hospitals become real estate powerhouses
NYC’s medical institutions are ramping up development of new mega-facilities and competing fiercely for leased space

April 01, 2014
By Janna Herron


Memorial Sloan-Kettering’s 1.5 million-square-foot complex on East 74th Street will include medical school facilities

For instance, Memorial Sloan-Kettering Cancer Center is planning a 1.5 million-square-foot medical complex that includes an outpatient cancer care center and medical school facilities for Hunter College at East 74th Street between York Avenue and the FDR Drive. Sloan-Kettering bought the former garage from the city in 2012 for $226 million. Designs for the complex, which is expected to be completed in 2018, were approved by the city in November, including a “bulk variance” for the 750,000-square-foot outpatient center and 450,000 square feet for the college facilities.