Oncology Practice Signs 35 KSF Lease in Manhattan

Oncology practice New York Cancer & Blood Specialists has signed a 35,469-square-foot lease at Youngwoo & Associates’ Radio Tower in New York City’s Washington Heights. The tenant will occupy the entire eighth, ninth and eleventh floors at the property starting this summer.

Avison Young and Savills worked on behalf of the ownership, while Schuckman Realty represented the tenant.

NY CBS has upward of 30 locations and 35 hospital affiliations in Bronx, Manhattan, Queens, Staten Island, and Brooklyn, as well as in Nassau and Suffolk counties. The oncology practice offers services such as imaging, therapy, surgery, on-site lab, psychology and nutrition, among others.

A mixed-use high-rise

Located at 500 W 181st St., the property has access to the Washington Bridge and Interstate 95. Yeshiva University is nearby, while Columbia Presbyterian Hospital is 1 mile away.

Radio Tower came online in 2022 as the first mixed-use development in Northern Manhattan in the last 50 years. The 22-story, 305,000-square-foot building comprises a 85,000-square-foot, 221-room hotel, 167,000 square feet of office space and ground floor retail. Amenities at the high-rise include tenant lounge, bike storage, rooftop bar and conference space, as well as indoor parking with 169 spots and a 13,000-square-foot event space.

Avison Young Principals Marty Cottingham and Michael Gottlieb, together with Director Patrick Steffens, Senior Director Joel Wechsler and Senior Associate Alexis Odgers worked on behalf of the ownership in the lease transaction. Savills Vice Chair Arthur J. Mirante, II assisted Avison Young. Schuckman Realty Associate Broker Ari Malul represented NY CBS.

Manhattan holds on

The office sector will continue to face challenges this year, as the pandemic effects on the market are still unfolding. Despite return-to-office policies from some companies, the national vacancy rate increased in 2024 and climbed to 19.8 percent at the end of December, a recent CommercialEdge report shows. One initiative in New York City is the Office Conversion Acceleration program which encourages adaptive-reuse practices such as converting buildings to data centers, coworking hubs and residential projects.

Nevertheless, Manhattan is staying afloat, registering a 16.6 percent vacancy rate as of December, posting a 20-basis-point increase over a 12-month period, according to the same report.

Among the largest deals closed recently was the 10-year lease signed by The Federal Deposit Insurance Corp. to occupy 147,543 square feet at the 1.6 million-square-foot, 1166 Avenue of the Americas in Manhattan.