Park Avenue Medical Arts Center is now Fully Leased

NEW YORK (January 25, 2016) – Simone Healthcare Development Group, a division of Simone Development Companies, announced that a prestigious Upper East Side physiatrist practice has leased the remaining 4,213 square feet of space on the ground floor of the 19,000 square-foot Park Avenue Medical Arts Center at 62 East 88th Street. Simone Healthcare Development has completed a comprehensive renovation at the property, including a state-of-the-art lobby, to enhance the appeal to modern healthcare practices.

Physiatrists specialize in non-surgical physical medicine and rehabilitation (PM&R) for patients who have been disabled as a result of a disease, condition, disorder, or injury. They diagnose and analyze patient conditions and histories to determine and direct individual patients to the proper treatment teams using non-surgical methods.

Paul Wexler and Josef Yadgarov of the Wexler Healthcare Properties Team at the Corcoran Group, exclusive leasing agent for the property, represented both the owner and the tenant in the deal.

“We believed there would be a strong market for specialized healthcare space in this location, and our vision for this commercial condominium has been validated now that it is fully leased up,” said Patricia Simone, president of Simone Management Group. “This prime Upper East Side location was ideal for growing medical practices and we continue to look for investment opportunities such as this on the Upper East Side.”

The 19,000-square-foot commercial condominium features a private entrance, separate from the 60 East 88th Street residences above, and also includes 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.

“This property was one of a handful of medical properties that could accommodate 4,000+ square foot users in a high-end luxury condominium building,” said Mr. Wexler of the Wexler Healthcare Properties Team. “The Upper East Side continues to experience a shortage of large professional office space.”

Since acquiring the Park Avenue Medical Arts Center less than three years ago, Simone Healthcare Development Group has signed five leases with a renowned plastic surgeon, a large OB/GYN practice, a physical therapy center, administrative offices for a nearby OB/GYN and reproductive medicine group, and the new Physiatrist practice.

Simone Healthcare Development owns over 50,000 square feet of modern medical and professional space in four Upper East Side properties including the fully-leased medical condos at the Park Avenue Medical Arts Center, the Diamond House at 170 East 77th Street and the Manhattan House at 260 East 66th Street. The company also owns10,500 square feet of available space at their latest acquisition, The Concorde condominium tower at 225 East 64th Street, with suites divisible from 3,000 square feet and up.

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 The Wexler Healthcare Properties Team at the Corcoran Group
The Wexler Healthcare Properties Team, a division of The Corcoran Group, is a real estate brokerage team specializing in healthcare properties. Paul Wexler, of the Wexler Healthcare Properties Team, 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 1,000 health care related real estate transactions.