224 Seventh St., medical office property in Garden City, Long Island, NY
NEW YORK CITY—Meridian Imaging Group has sold its 16,920-square-foot outpatient imagining facility to Inland Real Estate Acquisitions for $11.5 million. The property, located at 224 Seventh St. in Garden City, Long Island in New York, has a 14-year triple net lease with New York University School of Medicine.
HFF's Jose Cruz, Kevin O'Hearn, Ben Appel, Michael Oliver, Steve Simonelli and Andrew Scandalios marketed the property, representing Meridian. Inland was represented in-house.
“The activity on this asset was driven by the Garden City location, the credit of the tenant and the length of the lease,” says Cruz. “There were a significant number of buyers for this property from across the country.”
Completed in 1969, the building was converted to a medical imaging facility in 2007 and received additional upgrades within the last year. The tenant, New York University School of Medicine, is part of the NYU Langone Medical Center. The six-hospital, 1,700-bed, university-affiliated, not-for-profit health system has a 64% market share in its patient service area and has received an A4 Moody's rating.
In the downtown submarket of Garden City, the medical office building is close to Franklin Avenue, the neighborhood's main street. It's also approximately a mile from the 591-bed, NYU Winthrop Hospital campus. In addition, the location is close to the Garden City train station, and has nearby access to Route 24 and the Long Island Expressway.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
