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Simone Development Companies, a full-service real estate investment company specializing in the acquisition and development of healthcare, office, retail, industrial and residential properties, has expanded its Manhattan healthcare portfolio with the purchase of a 12,000 square-foot medical condominium at 225 East 34th Street in Manhattan for $11.15 million.
Ryan Perkowski and John Martisch of RPR Ventures represented the seller, Neuro Real Estate LLC. Simone Development was represented by legal counsel Brian Sampson, Erica Nazarian and Jared Van Vleet from SVNS Partners on the acquisition and financing.
The property is 100% occupied under long-term lease by NYU Langone and is located on the first floor of The Charleston, a 191-unit luxury residential building in Murray Hill. NYU Langone’s Comprehensive Epilepsy Center, one of the largest epilepsy centers in the county, has operated at the property since the building was completed in 2007.
“We are proud to add this healthcare property located in such a prominent location in Midtown Manhattan to our portfolio and are pleased to be part of a long-term relationship with NYU Langone, one of the country’s premier medical systems,” said Joseph Simone, president of Simone Development Companies in a statement.
The acquisition is the third Manhattan medical condominium acquisition by Simone Development over the past several years. Other locations include the Park Avenue Medical Arts Center at 62 East 88th Street and the healthcare condo at Manhattan House at 260 East 66th Street.