Niskayuna, NY Lisa Menin of Jacobson Properties and Michael Crisafulli of Crisafulli Associates have completed the sale of Albany Med at Niskayuna, a 37,821 s/f medical office building located at 1769 Union St. in Schenectady County.
The building is fully leased by Albany Medical College. Albany Med at Niskayuna houses Albany Med EmUrgentCare, Albany Med’s Gastroenterology and Community Services medical group, laboratory services and an ambulatory surgical center. The medical office building was sold to a privately held healthcare real estate investment firm for an undisclosed price.
Menin and Crisafulli served as the exclusive advisors to the seller.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,