The new “Allied Health and Natural Sciences Life Sciences Center” will feature modern instructional labs, lab support areas, faculty offices, general classrooms, student spaces, and campus services.
The acquisition of the two adjoining properties represents a strategic opportunity to create a best-in-class new building on a prominent development site in the heart of Midtown East.
This incentive has long been a vital program support. By offsetting potential vacancy costs while applications are pending it makes landlords more willing to participate in CityFHEPS.
The acquisition of the two adjoining properties represents a strategic opportunity to create a best-in-class new building on a prominent development site in the heart of Midtown East.
NEW YORK—SL Green Realty Corp. announced on Tuesday (Sept. 2) that it had entered into a contract to purchase 346 Madison Ave.—the former Brooks Brothers building—and an adjacent site at 11 East 44th St., for $160 million. The transaction is expected to close during the fourth quarter of this year.
“These assets are in an exceptional location just steps from One Vanderbilt. As we continue to prioritize well-located opportunities in our core sub-markets, these properties provide us the opportunity to pursue a world-class, ground-up new office development in the heart of the strongest office market in the country. We look forward to capitalizing on this unique investment to unlock its long-term value,” said Harrison Sitomer, Chief Investment Officer at SL Green.
The acquisition of the two adjoining properties represents a strategic opportunity to create a best-in-class new building on a prominent development site in the heart of Midtown East, the company stated.
Combined, these properties can accommodate approximately 800,000 rentable square feet, pursuant to East Midtown rezoning. Tenant demand for new construction featuring forward-thinking amenitization, column-free floors, healthy workplace infrastructure and transit convenience remains robust and this site represents one of the finest opportunities to meet that demand, SL Green stated in its announcement.
Drew Isaacson and David Giancola of JLL advised on the transaction. The property is currently owned by Brooks Brothers’ former owner, Claudio Del Vecchio, who purchased 346 Madison Ave. in 2019 for $109 million, according to multiple published reports.
SL Green Realty, as of June 30, 2025, held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments.
The new “Allied Health and Natural Sciences Life Sciences Center” will feature modern instructional labs, lab support areas, faculty offices, general classrooms, student spaces, and campus services.
The New York metro region ranked No. 2 in terms of total value of homes with severe or extreme flood risk at $295.3 billion. Miami came in first place with $306.8 billion facing severe or extreme flood risk.
Options 1A and 1B, which would have retained a traffic diversion structure and provided post-construction access to it for local-road vehicles or buses, have been dismissed from further consideration based on feedback from the local community.
Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant.
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