Johnson City, NY Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. have completed the sale of Our Lady of Lourdes Memorial Hospital Orthopedics Building, a 23,383 s/f medical office building.
The medical office building was sold by Bent Tree Realty to a privately held healthcare real estate investment firm for an undisclosed price. Menin and Jones served as the exclusive advisors to the seller.
The building is 96% occupied by Our Lady of Lourdes Memorial Hospital.
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,