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Fee Interest in New York City Medical Office Condo Bought by ProMed Properties
The 81,000 square foot acquisition at 345 E. 37th Street (The Corinthian) in New York City was an opportunity for ProMed Properties, a Gazit-Globe subsidiary, to acquire an asset within walking distance of the New York University Langone Medical Center and the Bellevue Hospital.
This project is unique in that the purchase was limited to only three of the 57-stories at The Corinthian. With an 82% occupancy rate, common area renovation plans and a purchase price below replacement cost, there is a significant opportunity to add substantial value with this purchase. This acquisition increases the square footage owned by ProMed in the New York City market to over 500,000 sf.
In assisting with this project it was important for LM Consultants to identify the unique aspects of this kind of transaction. With this fee interest agreement taking place on a high rise condominium property, there were a number of shared building systems and amenities that needed to be evaluated. Our vast experience with condominiums through the Reserve Study reporting process was a major advantage in completing this project successfully.
For additional information on this acquisition by ProMed Properties, please view their press release available here: http://bit.ly/jsSh44
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