403 East 79th Street Update 05/18/23

Foundation Work Underway for $425M Yorkville Hospital Project

General contractor, , is beginning to form the foundation of a 30-story commercial tower, set to rise at 403 East 79th Street in Manhattan's Yorkville neighborhood.

Developed by , the tower is set to contain roughly square feet of office space. The Hospital for Special Surgery, which specializes in musculoskeletal health, will occupy the first 8 floors of the building and has already agreed to lease approximately 196,000 square feet of floor space.

Financing for the project was issued by a 4-way consortium, jointly led by InterVest Capital Partners and Rexmark, with additional contributions coming from Pacific Western Bank, and Harbor Group International. Totaling $425 million, this influx of capital will be used to fund all construction costs from start to finish.

It took Extell several years to accumulate the 10 parcels that make up the project site. Designed by , 403 East 79th Street will stand feet tall and total a little over square feet. Construction is expected to take until the end of 2024.

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