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East Side MOB Trades for $24M

NEW YORK CITY-A onetime parking garage that was converted to medical space has sold, highlighting this week's wrap-up of deals.

By Paul Bubny | Updated on February 26, 2010

New York City
An affiliate of the Hospital for Special Surgery has purchased 429 E. 75th St., a 30,000-square-foot medical office building in Manhattan, from Taconic Investment Partners and ABR. Paul Wexler of Corcoran Wexler represented the sellers in the all-cash, $24,350,000 transaction. Taconic and ABR acquired the property, a former parking garage, in 2006, and redeveloped it into medical office condominiums.

East Coast Digital, which offers digital editing equipment rental and production services, has signed a 10-year lease for 4,000 square feet at Trinity Real Estate’s 155 Ave. of the Americas. The tenant was represented by Jessica Hoppe of HomeWorkPeople and Trinity’s in-house representation came from Peter Fontanetta. Asking rents at the 15-story Hudson Square office property are in the low $30s per square foot.

The Kaufman Organization has brokered a five-year, 5,000-square-foot expansion lease at 212 W. 35th St. for Stop Pest Control of New York, Inc. Formerly housed in 3,600 square feet on the 90,000-square-foot property’s 15th floor, Stop Pest Control is now taking the entire 10th floor. Steven Kaufman and Barbara Raskob of the Kaufman Organization represented both the tenant and the landlord in the transaction. Terms were not disclosed.

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