In 1979, Eugene Giscombe paid $40,000 for the 12-story office building at 1825 Park Avenue known as ‘The Lee Building’ (neighbors now think of this building as the Mount Sinai – hiding under the name Beth Israel -methadone hub of East Harlem).
He was quoted (when selling it recently for $48 million) that, next to marrying his wife, buying the historic Lee Building in Harlem was the best decision he ever made.
When Giscombe first purchased the building, it was only 20 percent occupied. Savanna, the current owner, is asking around $75 million for the early 1900s-era building, or about $555 per square foot.
Tenants include Beth Israel Medical Center (Mount Sinai methadone) and the Metropolitan Transportation Authority, which operates the Metro North Railroad and New York City subway lines that run through the nearby 125th Street station.
Tenants recently signed about 16,000 square feet of leases in the building, including an extension and expansion by Beth Israel and a new lease with Northwestern Mutual.
Black New Yorkers have seen notable losses in population in Manhattan. The most intense increases occurred in southern Brooklyn and Queens, while the largest decreases have been seen in Downtown/Central Brooklyn and in Central Harlem.
There have been incredible increases in the number of Asian (and Pacific Islanders) New Yorkers living in our city. While there are a few interesting places of decrease (note historic Manhattan Chinatown), the overall picture is one of significant growth. Queens and south west Brooklyn have had impressive increases.
New York City is the center of the largest metropolitan region in the United States, encompassing 22.6 million people living in 9.1 million homes across three states, 31 counties, and nearly 900 hamlets, villages, towns, and cities. The combined economic activity of the metropolitan region, which covers the Hudson Valley and Long Island in New York, southwest Connecticut, and northern New Jersey, accounted for approximately 10% of United States Gross Domestic Product and generated $1.9 trillion in 2017, which would make this region the 10th largest economy in the world.