Hospital for Special Surgery buys building for $20M from Digby Management Company

Hospital for Special Surgery through the entity Hss Properties Corporation paid Digby Management Company’s River Company, L.L.C. $19.7 million for 1 parcel, including the tax class garage with two or more stories (G1) at 524 East 73 Street in Upper East Side. The deal closed on August 15, 2019 and was recorded on August 21, 2019. The parcel(s) have total development potential of 41,658 square feet.
The average sale price per square foot is $474.
The estimated cap rate is 3.7%
Hospital for Special Surgery signed a long term lease in 2012 for the property, which included an option to purchase the property. No loan was recorded as part of this acquisition.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $1,005,330.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link