NEW YORK—A 7,766-sq.-ft. office condo located at 70 West 36th Street has been sold to the NYC Department of Hospital Employees Local #420 for $4.1 million. Time Equities Inc.’s Brandon Medeiros completed the sale on behalf of the seller, while Jonathan Cohen of JTK Cohen and Company represented the tenant.
Also known as the Municipal Hospital Employees Union, the NYC Department of Hospital Employees is an extension of DC 37, the largest public employee union in New York City. The Local #420 chapter represents medical employees and technicians who work in the Health & Hospitals Corporation, Fire Department, Department of Corrections and the Department of Health.
When renovations of the new office space are completed this fall, 70 West 36th Street will serve as the headquarters for the union.
“Owning office space provides stability for companies and helps them lock in rates, ensuring they will not be priced out of a building due to rising rents,” said Medeiros. “Office condos are in demand this summer.”
Constructed in 1923, 70 West 36th Street is comprised of 16 stories.