Ron Solarz, Eric Anton, and David Shechtman of Eastern Consolidated represented the seller and introduced the buyer. Noyack Medical acquired essentially new medical offices with long-term above market leases, strong cash flow and stable, credit worthy medical tenants. One Hanson Place, which is roughly 225,000 total sf, has undergone a complete renovation by the seller, a joint venture of the Dermot Co. and the Canyon-Johnson Urban Fund. The property was listed at $13 million and the rents currently exceed $60 psf.
CJ Follini, a managing principal and CEO of Noyack, tells GlobeSt.com that the office condo was purchased for "close to the asking price," but would not divulge the exact price. He explains that the building, which was formerly known as the Williamsburg Savings Bank Tower, is actually three buildings in one, each with separate entrances.
"Our property starts at ground level and goes up seven stories," Follini tells GlobeSt.com. "We are the commercial owner, there will be a new retail owner, and the JV is in the process of selling the residential portion." He explains that Noyack was attracted to the market and the property because it is the largest medical office condo in the area. The area has tremendous upside," Follini says.
Follini notes contrary to popular belief, he is excited about today's buying environment more so than the past. "There were several bidders even though it is a very trying time for financing," he says. He further explains that while Noyack wasn't the highest bid, "we won because they were able to close because of our access to financing and capital." Balance sheet lenders are winning the day right now, he says. "Our financing was provided by balance sheet lender Bank of Smithtown."
Two weeks ago, Noyack Medical Partners also purchased a hospital garage facility in downtown Portland, ME for more than $10 million. The 650-plus space parking garage known as the Gateway Parking Garage at the intersection of High Street and Cumberland Avenue. It was listed for sale for $11.9 million.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
