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Noyack Medical Partners Snags Office Condo

BROOKLYN, NY-The locally based real estate service company takes 15 units, comprised of 31,856-gross-sf at the Dermot Co. and the Canyon-Johnson Urban Fund's One Hanson Place.

By Natalie Dolce | Updated on May 19, 2008

BROOKLYN, NY-Locally based Noyack Medical Partners LLC has acquired a 31,856-gross-sf medical office condominium comprised of 15 units within One Hanson Place, known to be the tallest building in Brooklyn at 512 feet. The tower is located in downtown Brooklyn at the intersection of Atlantic, Flatbush and Fourth avenues, about one block from Forest City Ratner Cos.’ proposed Atlantic Yards development.

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.

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