Healthcare "reform" commercial real estate style

Rarely do I use this column to talk about deals with which my colleagues at Goldschmidt & Associates, and I, are involved. However, I recently was awarded a listing for what I consider to be one of the most handsome and well-known buildings in New Rochelle. It also meets all of the real estate industry's three key criteria for success - location, location, location. And so I wanted to share with my readers some historical information about 175 Memorial Hwy. Here are three examples of how it meets these three criteria: Location criterion #1: From the front door of this classic, colonial style revival building (c. 1932), any doctor tenant could be walking through the front doors of the Sound Shore Medical Center E.R., located across the street, in about two minutes time. Location criterion #2: For doctors or their patients who are traveling to this building from either direction on I-95, exit 16 deposits them one block from the building's own parking which holds 200 cars. Location criterion #3: For train commuters, the building is a five-minute walk to the MetroNorth/Amtrak train station. What I have always liked about this building is its architecture. According to New Rochelle historian Barbara Davis it was designed by a well-known N.Y.C. architect in his time, Louis Jallade. Built as a YMCA, it remained as such until the Y was forced to sell it in 1985 on account of rising costs in its upkeep. Coincidentally, Jallade's first exposure to architecture was an evening study class at his neighborhood YMCA on W. 23rd St. in N.Y.C. Recently, this 68,000 s/f landmark underwent a change in management who has set the asking price of the available units to $23 - $25 per s/f. Although based in Queens, the landlord has a near-daily presence in the building. Plus, he has as his day-in and day-out back up, a 24/7 building superintendent. We have six suites available ranging from a compact but functional 225 s/f unit to a 4,500 s/f suite. The building is occupied exclusively by healthcare providers, making it a one-stop destination for almost any patient's healthcare needs. However, management is open to renting to any professional who is looking for a building with professional curb appeal and easy highway and public transportation access. It's worth noting that Goldschmidt & Associates was awarded this listing on account of its solid reputation for leasing and selling medical office space. Other such buildings in our inventory include properties in Elmsford, Scarsdale, Yonkers and Yorktown Heights. For example, my colleague, Bill Gerstein, specializes in the northern part of the county and knows the territory like the palm of his hand. He currently is representing for sale a 1,800 s/f standalone medical condo townhouse in Yorktown Heights. It appears to be a low-maintenance facility, ideal for the doctor who doesn't want to be a landlord to anyone other than himself, herself or perhaps one or two other practitioners. He is also seeking healthcare tenants for a property in Greenburgh, for which he was the buyer's agent, last fall. Now he's helping fill this 40,000 s/f standalone medical office building whose two-acre site on Dobbs Ferry Rd. offers plenty of parking for tenants and their patients. Elsewhere, new medical office building construction on Central Park Ave. in Yonkers is expected to be ready for occupancy in winter 2010. This 57,000 s/f, three-story mixed use office and retail complex is likely to include as part of its amenities a pharmacy and bank. It will have its own parking for 314 vehicles, plus there is a spill over lot for 500 cars at an adjacent department store retailer's lot. This deal is being handled by the team of Eric Goldschmidt and Pam Bren. If you have clients with a long-term vision for "healthcare reform," give them a call. Rob Seitz is a commercial real estate agent at Goldschmidt & Associates, Scarsdale, N.Y.