Memorial Sloan-Kettering decided to take advantage of the mini boom in Gramercy Park-area luxury conversions by selling off its Cabrini Medical Complex at Second Avenue and East 19th Street. They've found a willing buyer in developer and man of many projects Joseph Chetrit, the Journal reports. The Chetrit Group will be paying more than $150 million for the five-building complex, for which the hospital only paid $83 million a few years ago. (That does sound like the "much higher price" Sloan-Kettering was hoping for.) The building won't necessarily go completely residential, but it could, resulting in 400,000 square feet of new residential space.
· Chetrit's Next Move [WSJ]
· Cabrini Medical Complex coverage [Curbed]