Commercial Real Estate & Advisory

Hospital Checks into Lower Broadway

July 13, 2003

Saint Vincents Catholic Medical Centers signed a two-year lease for 2,500 square feet at 170 Broadway where it will be set up as a counseling service for downtown residents and workers who were affected by the September 11 terrorist attack.The hospital needed a ready- built office with an economical rent for its World Trade Center Disaster Services facility.  Broker Michelle Stone of Sinvin Realty Corp. found spaces at buildings on William and John streets that fit th bill.But the hospital will be getting funda for the counseling service from a federal program, Project Liberty, and that funding must be renewed annually.  So Saint Vincents needs a lease with a cancellation clause after one year.The investor group that owns 170 Broadway, AMG Realty Partners, ultimately wants to convert the building for residential use.  So it was willing to include this provision in the lease.Jones Lang LaSalle Inc. was the landlord’s leasing agent.