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**Slate and Evenhar Partner on New Medical Office Building for Mount Sinai Health System**
Slate Property Group and Evenhar Development Corp. have announced a new partnership to develop a state-of-the-art medical office and community facility at 1578 Lexington Avenue in Manhattan. Located at the intersection of the Carnegie Hill and East Harlem neighborhoods, the 13-story development will be purpose-built to serve both medical and community functions, anchored by programs from Mount Sinai Health System.
Mount Sinai will occupy approximately 150,000 square feet of the new building. The space will house outpatient clinical services along with a daycare center for employees. Complementing these medical facilities, the development will also include the East Harlem Center—a nearly 19,000-square-foot community hub operated by Children’s Aid—as well as a new home for Life Changers Church.
“We’re creating a true community hub that addresses multiple neighborhood needs,” said Martin Nussbaum, co-founder and principal of Slate Property Group.
The project is being financed through a $119 million construction loan provided by J.P. Morgan, alongside a $40 million preferred equity investment from GoldenTree Asset Management. Construction is set to begin this month, with completion and occupancy expected by spring 2028.
This development marks a significant investment in healthcare and community infrastructure for East Harlem and aligns with broader urban planning trends focused on integrated, community-first spaces.
For more insights on healthcare real estate trends and upcoming developments, Connect Healthcare Real Estate 2025 will be held on October 14–15, 2025, in Irvine, CA. The event will explore the evolving needs of healthcare providers, investment strategies, and demographic shifts shaping the sector.
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