NEW YORK CITY—An affiliate of New York-based Norvin Healthcare Properties has acquired a two-story, 45,000 square foot property in Long Island City in a transaction valued at $66 million. The two-story asset is located at 21-21 44th Dr.
Simultaneously, Norvin entered into a 31-year triple-net lease with NYU Langone Medical Center, which plans to redevelop the property for use as a multi-specialty ambulatory care facility.
Norman Livingston, Norvin Healthcare Properties president, noted that NYU Langone's new outpatient center will provide exceptional healthcare in a strategically-located section of one of New York City's fastest-growing neighborhoods.
“Consumer demand for convenient, high-quality, cost-effective healthcare has created an urgent need for providers to bring full-service, multi-specialty outpatient centers to their communities,” Livingston explains. “This new NYU Langone facility in Long Island City will satisfy that need in terms of both location and the comprehensive range of healthcare services that will be offered under one roof.”
The property is located in the heart of Long Island City, one-half block from the Citigroup Building at One Court Square. The NYU Langone multi-specialty ambulatory care facility will serve a rapidly-growing local population that saw the development of more than 8,000 new residential units, 24 hotels, and 2 million square feet of office space since a 2001 rezoning, with another more than 18,000 residential units either planned or under construction. The property's location is within a two-block radius of four different subway lines.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
