Noyack Buys $14M UES Medical Condo
Tuesday, November 11, 2008
Source: GlobeSt
GlobeSt reports: NEW YORK CITY-Locally based Noyack Medical Partners LLC has acquired a 20,000-gross-square-foot Upper East Side medical office condominium--near the Manhattan Eye Ear & Throat Hospital and Memorial Sloan-Kettering Cancer Center--for $13.5 million, GlobeSt.com has exclusively learned.
Noyack Medical acquired the entire office condo within the 25-story Concorde Apartments at 220 E. 65th St.--developed by HJ Kalikow & Co. and converted into residential condos in 1989. CJ Follini, CDEO of Noyack, tells GlobeSt.com the property comes with long-term above market leases, strong cash flow and a stable, credit medical tenancy which enabled the property to attract favorable debt terms.
"It seems medical properties have maintained their pricing, up 13% in Q3 vs. a 3% price drop in all other commercial real estate, according to Real Capital Analytics, thus proving the sector to be a safe haven during these difficult times," Follini says.
View the full article on GlobeSt: Noyack Buys $14M UES Medical Condo
Posted by: Nina Turner