This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Simone Healthcare Development Acquires Park Ave. Medical Arts Center

NEW YORK, Feb. 19, 2013 /PRNewswire/ -- Simone Healthcare Development Group, a division of Simone Development Companies, have acquired the Park Avenue Medical Arts Center, the medical condo space at 62 East 88 th Street, for $11.5 million.

(Photo: )

Corcoran Wexler Healthcare Properties' Paul Wexler and Edward Midgley, Timothy Sheehan and Daniel Kaplan of CBRE represented the seller, S&H 88 th Street Associates, in the transaction, while Wexler represented the buyer in the deal. Corcoran Wexler has also been retained as exclusive leasing agent for the medical space by the new owner.

"Simone Healthcare Development is happy to announce the acquisition of this prime Upper East Side location as we continue to expand our medical office space portfolio throughout the greater New York metropolitan area," said Joseph Kelleher, president of Simone Healthcare Development. "Simone Healthcare excels at creating state-of-the-art medical facilities for our own portfolio and in partnership with leading healthcare providers."

The 19,000+ square-foot Park Avenue Medical Arts Center is a commercial condominium which features a separate private entrance from the residences of 60 East 88 th Street and a private elevator for the medical space. Located between Park and Madison avenues, the 15-story building was constructed in 1986 and contains 18 residential units in addition to the medical condominium space.

"Large blocks of medical space are hard to come by on the Upper East Side," said Paul Wexler, President of Corcoran Wexler.  "The new owner will be renovating the space and retrofitting offices for the specific needs of new medical tenants.  The space can be divided into a variety of different unit configurations. This provides a unique opportunity for doctors to obtain coveted large renovated spaces, in a luxury building in a prime Upper East Side location."

About Simone Healthcare Development:

Simone Healthcare Development Group, a division of Simone Development Companies, partners with healthcare providers to create turnkey ambulatory medical facilities in the New York metropolitan area, with over a million square feet of new healthcare and medical office space currently built or in development. The company establishes long-term relationships with healthcare providers that encompass every aspect of locating, designing, building, and operating a new facility. By undertaking expansion in partnership with Simone Healthcare Development, healthcare providers reduce their expenditures on real estate services, freeing up capital for investments in technology, personnel, and other resources that enhance their core businesses.

About Corcoran Wexler Healthcare Properties

Corcoran Wexler Healthcare Properties, a division of The Corcoran Group, is a real estate brokerage firm specializing in healthcare properties. Paul Wexler, president of Corcoran Wexler has played an active role as the leader in healthcare related real estate transactions throughout the metropolitan area for over 25 years. Mr. Wexler's client base of healthcare professionals and real estate developers, brokers and others in the medical and real estate industries have enabled him to consummate more than 1000 health care related real estate transactions.

About The Corcoran Group

The Corcoran Group, a leading residential real estate brokerage company in New York City, operates 32 offices with 2,200 sales associates serving Manhattan, Brooklyn, the Hamptons, the North Fork, Shelter Island, Delray Beach and Palm Beach, Fla. The Corcoran Group,, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices.

Contact :

Great Ink Communications, Ltd. – 212-741-2977 Roxanne Donovan ( Eric Waters ( Eric Gerard (

This press release was issued through eReleases® Press Release Distribution. For more information, visit


1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs