{"id":1004770865,"date":"2025-09-09T03:18:48","date_gmt":"2025-09-09T11:18:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004770865"},"modified":"2025-09-09T06:27:59","modified_gmt":"2025-09-09T14:27:59","slug":"slate-property-group-evenhar-to-build-east-harlem-mob","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/slate-property-group-evenhar-to-build-east-harlem-mob\/","title":{"rendered":"Slate Property Group, Evenhar to Build Harlem MOB"},"content":{"rendered":"\n<p>New York\u2019s Slate Property Group and Evenhar Development have announced that they will develop a new medical office and community building for Mount Sinai Health System, at 1578 Lexington Ave. in East Harlem.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1578-Lexington-Ave.-in-East-Harlem.png\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004770886\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/slate-property-group-evenhar-to-build-east-harlem-mob\/1578-lexington-ave-in-east-harlem\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1578-Lexington-Ave.-in-East-Harlem.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1578 Lexington Ave. in East Harlem\" data-image-description=\"&lt;p&gt;Image came with the press release via e-mail (from Mary-Kate (Morrow) Quist, Rubenstein Communications); also online: https:\/\/www.citybiz.co\/article\/741471\/slate-property-group-and-evenhar-development-partner-on-new-mount-sinai-medical-office-and-community-facility-building\/ &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rendering of the new Mount Sinai medical office and community facility building at 1578 Lexington Ave. in East Harlem. Image courtesy of Kutnicki Bernstein Architects&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1578-Lexington-Ave.-in-East-Harlem.png?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1578-Lexington-Ave.-in-East-Harlem.png\" alt=\"Rendering of the new Mount Sinai medical office and community facility building at 1578 Lexington Ave. in East Harlem. \" class=\"wp-image-1004770886\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1578-Lexington-Ave.-in-East-Harlem.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1578-Lexington-Ave.-in-East-Harlem.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1578-Lexington-Ave.-in-East-Harlem.png?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Rendering of the new Mount Sinai medical office and community facility building at 1578 Lexington Ave. in East Harlem. <em>Image courtesy of Kutnicki Bernstein Architects<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The site at the corner of Lexington Avenue and East 101st Street is only a few blocks from the main Mount Sinai Hospital campus.<\/p>\n\n\n\n<p>The 13-story building will include 150,000 square feet of <a href=\"https:\/\/www.commercialsearch.com\/news\/why-mobs-remain-a-strong-bet-for-investors\/\">medical office space<\/a>, which will focus on outpatient clinical services, and a daycare center for Mount Sinai employees.<\/p>\n\n\n\n<p>The remaining space is for the East Harlem Center, a community hub to be operated by local nonprofit Children&#8217;s Aid, and a new facility for Life Changers Church, a long-time presence in the community. The East Harlem Center\u2019s portion, about 19,000 square feet, will be on the lower level and up to the third floor, consisting of classrooms, a basketball court and a gymnatorium. The new Life Changers Church will be on the lower levels and ground floor.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-u-s-medical-office-markets-by-inventory\/\">Top 5 U.S. MOB Markets by Inventory<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Currently vacant, the site was purchased by Evenhar from Life Changers Church in 2023 for about $5.9 million.<\/p>\n\n\n\n<p>J.P. Morgan will provide a $119 million construction loan, and GoldenTree Asset Management will provide a $40 million preferred equity investment. Walker &amp; Dunlop represented Slate and Evenhar in the financing transaction. Construction on the project is scheduled to start in September and be completed by spring 2028.<\/p>\n\n\n\n<p>As of press time, Mount Sinai had not responded to <em>Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n\n\n\n<p>The project architect, Kutnicki Bernstein Architects, was also responsible for a recent multifamily project, The Alanza, at 957 Atlantic Ave. in Clinton Hill, Brooklyn.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-mobs-still-mostly-healthy\">MOBs still mostly healthy<\/h2>\n\n\n\n<p>Although investments in the medical outpatient building sector nationwide encountered some headwinds in the first half of this year, \u201cseveral positive trends signal growth opportunities for the remainder of the year,\u201d according to a midyear report from Cushman &amp; Wakefield. \u201cPricing has shown resilience, cap rates remain competitive, and key sectors within MOB are poised for a rebound as capital markets stabilize.\u201d<\/p>\n\n\n\n<p>MOB transaction volume fell by 19 percent year-over-year, to $3.5 billion in the first half, because of economic uncertainty and higher interest rates. The report noted, however, that a small upturn in the second quarter might point to a better outlook.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield anticipates that with transaction cap rates stabilizing around the 7 percent range, investors in alternative real estate will continue to show interest in the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>J.P. Morgan is providing a $119 million construction loan for the development. <\/p>\n","protected":false},"author":882,"featured_media":1004770886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21754,1600,21742,10],"tags":[32799,35547,34328,52666,44213],"class_list":["post-1004770865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-medical-office","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-jpmorgan","tag-mount-sinai-health-system","tag-slate-property-group","tag-walker-dunlop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Slate Property Group, Evenhar to Build Harlem MOB - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Slate Property Group and Evenhar Development have launched a medical office and community project at 1578 Lexington Ave. in East Harlem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/slate-property-group-evenhar-to-build-east-harlem-mob\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Slate Property Group, Evenhar to Build Harlem MOB\" \/>\n<meta property=\"og:description\" content=\"Slate Property Group and Evenhar Development have launched a medical office and community project at 1578 Lexington Ave. in East Harlem.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/slate-property-group-evenhar-to-build-east-harlem-mob\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-09T11:18:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-09T14:27:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/1578-Lexington-Ave.-in-East-Harlem.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slate-property-group-evenhar-to-build-east-harlem-mob\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slate-property-group-evenhar-to-build-east-harlem-mob\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Slate Property Group, Evenhar to Build Harlem MOB\",\"datePublished\":\"2025-09-09T11:18:48+00:00\",\"dateModified\":\"2025-09-09T14:27:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slate-property-group-evenhar-to-build-east-harlem-mob\\\/\"},\"wordCount\":438,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/slate-property-group-evenhar-to-build-east-harlem-mob\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2025\\\/09\\\/1578-Lexington-Ave.-in-East-Harlem.png\",\"keywords\":[\"Cushman &amp; 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