Stake Sale of Upper East Side Medical Building Recapitalizes Asset at Gross Value Equating to $95M

William Macklowe Company (WMC) has sold its interest in the 74,112-square-foot medical building at 323 East 61st Street developed in 2018 on land owned by Redemptorist Fathers of New York church under a 99-year ground lease. The sale to development partner LaSalle Investment Management was “recapitalized at a gross value equating to approximately $95 million, or $1,280 per square foot.”