Cushman & Wakefield Sells Turn-Key Medical Office on Upper East Side
NEW YORK, October 25, 2016 – Cushman & Wakefield’s Mitchell Levine, Guthrie Garvin and James Nelson have sold a five-story, elevator serviced medical office building at 407-409 East 70th Street in a transaction valued at $17,000,000 or approximately $1,133 per square foot.
Former ownership was comprised of a group of doctors who practiced in the building. Upon sale, they have inked a long-term leaseback for their existing space, providing the purchasers with certainty of immediate and long-term cash flow.
“The sale and long term lease back allowed the doctors to monetize their building while allowing them the opportunity to continue practicing medicine in their current spaces. There were multiple buyers competing for this asset given the first class level of doctors practicing in the building,” said Cushman & Wakefield’s Mitchell Levine.
The building sits on a 50-foot by 50-foot lot and contains approximately 15,000 square feet divided into five floors and a basement space. The property also possesses an R8 zoning designation and has approximately 4,157 square feet of remaining air rights.
407-409 East 70th Street is located in the heart of New York’s major medical center while in the midst of a surging healthcare market. New York Presbyterian Hospital and Weill Cornell Medical College, among many others, are located within blocks of the property. Additionally, across the street is the Lasdon House, a 15-story doorman style building comprised of medical and graduate students.
“This fully leased turnkey medical office property is located in the heart of New York’s major medical corridor on the Upper East Side. Demand was high due to the stability of the asset in a growing healthcare market.” said Cushman & Wakefield’s Guthrie Garvin.
The property is located between First and York Avenues on Manhattan’s Upper East Side and can be conveniently accessed via the 6 train line at the 68th Street station or the M66, M15, or M72 bus lines.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.