The main building totals 220,000 sf in seven floors. Attached to that is a 50,000-sf, five-story building. Additionally, Mazel walks away with 394,000 sf of buildable space for residential use.
According to a release on the transaction, the former St. Mary's Hospital sold for more than $53 per buildable sf at a cap rate of 10.4%. Massey Knakal Realty Services and the Long Island City office of CB Richard Ellis completed the transaction. Massey Knakal's Chadwick Castle and CBRE's Abe Gross collaborated in securing the buyer.
"There was significant interest in this property given its size and scale," says Castle, in a statement.
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