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New York University’s Grossman School of Medicine has acquired the Lathanian, a 23-story luxury apartment building on the East Side of Manhattan, for $210 million.

According to a Commercial Observer report, the 209-unit building is adjacent to NYU Langone Health’s Kimmel Pavilion inpatient care facility. The building was acquired from California-based Verbena Road Holdings, with NYU taking over the building’s mortgage from New York Life, which itself acquired the loan from Signature Bank in 2019.

The medical school already has a 20,000-square-foot lease for commercial space in the Lanthian that runs through 2038. NYU plans to use the residential section of the building for housing its faculty, staff and trainees.

With this acquisition, NYU’s holdings within New York City now encompasses more than 15 million square feet, making it among the top 10 real estate portfolios in that market.

Photo via Property Shark