Simone Healthcare Development Leases Recently Acquired Medical Condo at 170 East 77th Street in Manhattan
North Shore - LIJ Health System Signs Long-Term Lease for Medical Offices
(New York, NY – November 3, 2014) – Simone Healthcare Development Group, an affiliate of Simone Development Companies, has signed a long-term lease with North Shore – LIJ Health Systems, Inc. for nearly 6,000 square feet of space, which will consist of ground floor medical offices, a patient service center and general administrative offices, at a medical condominium acquired by Simone earlier this year at the Diamond House, a residential building located at 170 East 77th Street in Manhattan.
Paul Wexler of Wexler Healthcare Properties Team, a division of The Corcoran Group, was the sole broker involved in this transaction and negotiated the deal on behalf of the owner. The space had been vacant for some time before Simone Healthcare Development acquired the condominium unit, which has its own entrance separate from the residences above, earlier this year. Simone Healthcare Development will be providing a complete turn-key build-out on behalf of the tenant, and the facility is expected to be open for business during the month of November 2014.
“Simone Healthcare Development is pleased to announce this exciting new lease after acquiring and repositioning this fantastic medical office condominium. We believed that there would be a strong market for modernized healthcare space in this location, and we’re excited to see the evidence of that demand,” said Patricia Simone, Vice President of Leasing and Operations of Simone Development, who handled the acquisition and leasing of the property on behalf of Simone. “This prime Upper East Side location was ideal for our first project with North Shore – Long Island Jewish Health Systems, and we see the property as a great addition to our growing healthcare real estate portfolio throughout the greater New York metropolitan area.”
In addition to the fully-leased space at Diamond House, Simone Healthcare Development also owns medical condominium space at the Park Avenue Medical Arts Center located at 62 East 88th Street, where 4,213 square feet of ground floor space remains available for lease, as well as a medical condominium at the Manhattan House located at 260 East 66th Street, where 6,500 square feet of ground-floor medical office space is also available for immediate occupancy.
“The Upper East Side is continually experiencing a shortage of large medical office space, and Simone Healthcare Development owns three of the handful of medical properties which can accommodate 4,000+ square foot users in a white-glove, high-end luxury condominium building,” said Mr. Wexler. “Most doctors are too busy running their medical practices to take on the responsibility and time consuming task of overseeing the construction of their offices, and Simone provides the unique opportunity of designing and building medical office space from beginning to end in order to meet the physicians’ specific needs.”
Simone Healthcare Development provides a full range of in-house services to its clients, including Strategic Planning, Site Selection and Acquisition, Design/Construction/ Development, Financing/Ownership, and Medical Building Facilities Management. The company currently has over 2 million square feet of new medical projects completed and in various stages of development throughout New York City, Long Island and Westchester County, and the demand is increasing.