NEW YORK, Feb. 19, 2013 /PRNewswire/ -- Simone Healthcare Development Group, a division of Simone Development Companies, have acquired the Park Avenue Medical Arts Center, the medical condo space at 62 East 88th Street, for $11.5 million.
Corcoran Wexler Healthcare Properties' Paul Wexler and Edward Midgley, Timothy Sheehan and Daniel Kaplan of CBRE represented the seller, S&H 88th Street Associates, in the transaction, while Wexler represented the buyer in the deal. Corcoran Wexler has also been retained as exclusive leasing agent for the medical space by the new owner.
"Simone Healthcare Development is happy to announce the acquisition of this prime Upper East Side location as we continue to expand our medical office space portfolio throughout the greater New York metropolitan area," said Joseph Kelleher, president of Simone Healthcare Development. "Simone Healthcare excels at creating state-of-the-art medical facilities for our own portfolio and in partnership with leading healthcare providers."
The 19,000+ square-foot Park Avenue Medical Arts Center is a commercial condominium which features a separate private entrance from the residences of 60 East 88th Street and a private elevator for the medical space. Located between Park and Madison avenues, the 15-story building was constructed in 1986 and contains 18 residential units in addition to the medical condominium space.
"Large blocks of medical space are hard to come by on the Upper East Side," said Paul Wexler, President of Corcoran Wexler. "The new owner will be renovating the space and retrofitting offices for the specific needs of new medical tenants. The space can be divided into a variety of different unit configurations. This provides a unique opportunity for doctors to obtain coveted large renovated spaces, in a luxury building in a prime Upper East Side location."
About Simone Healthcare Development:
Simone Healthcare Development Group, a division of Simone Development Companies, partners with healthcare providers to create turnkey ambulatory medical facilities in the New York metropolitan area, with over a million square feet of new healthcare and medical office space currently built or in development. The company establishes long-term relationships with healthcare providers that encompass every aspect of locating, designing, building, and operating a new facility. By undertaking expansion in partnership with Simone Healthcare Development, healthcare providers reduce their expenditures on real estate services, freeing up capital for investments in technology, personnel, and other resources that enhance their core businesses.
About Corcoran Wexler Healthcare Properties
Corcoran Wexler Healthcare Properties, a division of The Corcoran Group, is a real estate brokerage firm specializing in healthcare properties. Paul Wexler, president of Corcoran Wexler has played an active role as the leader in healthcare related real estate transactions throughout the metropolitan area for over 25 years. Mr. Wexler's client base of healthcare professionals and real estate developers, brokers and others in the medical and real estate industries have enabled him to consummate more than 1000 health care related real estate transactions.
About The Corcoran Group
The Corcoran Group, a leading residential real estate brokerage company in New York City, operates 32 offices with 2,200 sales associates serving Manhattan, Brooklyn, the Hamptons, the North Fork, Shelter Island, Delray Beach and Palm Beach, Fla. The Corcoran Group, www.corcoran.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices.
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SOURCE Simone Healthcare Development Group