GPG PROPERTIES SELLS THIRD AVENUE BLOCKFRONT
Capital Arm of Venerable Manhattan Property Owner and Management Firm Divests Mixed-use Properties on Third Avenue between East 76th and 77th Streets
Northwell Health Expected to Partner with subsidiary of The University Financing Foundation, Inc. to Bring New Outpatient Care Center, Ambulatory Surgery Center, Cancer Center, and Medical Offices to Site
NEW YORK (August 6, 2018) – GPG Properties (Glick Property Group), the capital focused affiliate of Mautner-Glick Corp. (co-founded by Alvin H. Glick in 1959), has sold a block of long-held Third Avenue assets to 3rd Avenue Blockfront LLC, a subsidiary of The University Financing Foundation, Inc (TUFF). The property acquisition and transaction structuring with TUFF was arranged by Blue Sky Real Estate Services and Development.
The parcel included the blockfront on Third Avenue between East 76th Street and East 77th Street on the Upper East Side. Specifically, the parcel included 201- 203 East 76th Street (1329-1337 Third Avenue), 1339 Third Avenue, 1345 Third Avenue, 200 East 77th Street, and 202 East 77th Street. The parcel included six separate buildings with a mixture of retail and residential uses. All buildings are currently vacant.
Following the closing, the subsidiary and Northwell Health, the state’s largest health care provider and private employer, are expected to develop a new outpatient care center, ambulatory surgery center, cancer center and medical offices on the site. Northwell Health partnered with Lenox Hill Hospital and Manhattan Eye, Ear, and Throat Hospital in 2010, and since then has helped tens of thousands of New Yorkers in the neighborhood.
“We are deeply invested in the Upper East Side and look forward to the potential to provide additional services in the neighborhood and surrounding communities,” said Michael Dowling, president and chief executive officer of Northwell Health.
Former residents either relocated to other Mautner-Glick Corp. managed properties or moved as their leases expired. Of the former retail tenants, Housing Works and McCabe’s Wines & Spirits have already re-opened within the neighborhood.
“The product of the sale will be the transformation of a group of two- and four-story mixed-use buildings into a project that will bring tremendous benefit to this community,” points out Jason Glick, co-managing partner, GPG Properties.
Adds Randy Glick, co-managing partner, GPG Properties, “Our family has roots on the Upper East Side dating back to the 1930s and we continue to own and manage a substantial portfolio of properties here. We see this as a new chapter in a community we have been a part of for four generations.”