Manhattan, NY Adelaide Polsinelli, vice chairman of Compass, has closed on the second phase of the sale of a package of seven medical office condos, at the Corinthian, located at 345 East 37th St., for $12 million.
“This sale highlights the resiliency of New York City, in particular, the medical office condo sector, which retained its value throughout the darkest of times,” said Polsinelli.
345 East 37th St. represents the largest package of medical condos sold in the last several years. Even as values have steadily increased, this deal was highly sought after due to its attractive location, flexible variety of unit sizes and solid tenant roster.
The Corinthian Office Condominiums is a three-story, 32-unit office condominium building at the base of the 57-story Corinthian residential tower in Midtown East. The Corinthian was designed by Der Scutt, design architect, and John Schimenti and developed by Bernard Spitzer.
The property is on East 37th St. between First and Second Aves., adjacent to NYU Langone Medical Center campus.
“I have witnessed a tremendous appetite in buyer interest for prime medical and office condos. The ease of ownership, while not having to deal with the associated costs, headaches, and management of owning a whole building, along with the tax advantages, make for an attractive long-term investment,” said Polsinelli.
The purchasers were national investors who are bullish on the future of the city’s real estate market and made the decision to double down on medical, even as pricing has solidly climbed above pandemic levels.
The sellers were Kevin Chisholm and Bastien Broda, managing partners of 60 Guilders, LLC along with associate, Trystan Polsinelli.
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