[Image via Griener-Maltz]
As previously reported, the Mount Sinai Health System is in the midst of its more than $500 million project to rebuild Mount Sinai Beth Israel ... which includes an expanded facility on 14th Street and Second Avenue.
Meanwhile, Mount Sinai will sell its current 16th Street property. Now one piece of that parcel has changed hands. Town & Village reports that asset manager CIM Group bought Gilman Hall, an apartment building the hospital uses to house medical residents on 17th Street at First Avenue, for $87 million.
Their plan for the 24-story building? Student housing.
“The Gilman Hall site represents an exceptional opportunity to reposition and modernize a significant property in an exciting location currently experiencing substantial public and private investment,” said Avi Shemesh, co-founder and principal of CIM Group.
According to the news release on the deal, the entire site is zoned for a total of approximately 225,000 square feet, including a combination of community facility, residential and commercial uses.
A CIM spokesperson "said the company wouldn’t be commenting further on the future of the property."
The hospital's downsizing from its campus on First Avenue and 16th Street is part of a $550 million plan by Beth Israel’s owner to adapt to a changing health care landscape where patients are using more outpatient care and spending less time in hospitals, as previously cut-n-pasted.
Previously on EV Grieve:
More details on the incoming Mount Sinai Downtown Beth Israel