News: Brokerage

Simone and Fareri lease 10,000 s/f at Purchase Professional Park

Purchase, NY Simone Development Companies and Fareri Associates closed two new leases and one expansion totaling over 10,000 s/f at 3010 and 3020 Westchester Ave. at Purchase Professional Park.

In an expansion of its current space, Release Recovery has doubled the size of their facility, now totaling 16,000 s/f: a full floor at 3020 Westchester Ave.

Release Recovery is an organization that helps individuals and their families recover from substance use and mental health disorders through bespoke treatment and transitional living. The outpatient facility at 3020 Westchester Ave. is Release Recovery’s first outpatient treatment facility in New York State.

In other news, Westchester Life has signed a new lease for 1,526 s/f at 3010 Westchester Ave. Westchester Life is a chiropractic group that also offers acupuncture, laser hair removal, and facials.

MD Hyperbaric has signed a new lease for 1,025 s/f at 3010 Westchester Ave. MD Hyperbaric uses hyperbaric oxygen therapy to enhance healing and improve performance.

Westchester Life was represented by Tara Long and Matt Lisk of Cushman & Wakefield in direct negotiations with Simone Development Companies’ in-house leasing and legal teams

MD Hyperbaric was represented by Peter Levine of Charter Realty, while Tara Long and Matt Lisk of Cushman & Wakefield represented Simone Development Companies alongside Simone’s in-house leasing and legal teams.

“With the expansion of Release Recovery’s outpatient facility and the addition of leading practices like Westchester Life and Hyperbaric Medical Solutions, Purchase Professional Park is further cemented as a thriving community of medical professionals and a destination for wellness along Westchester’s Medical Mile,” said Joanna Simone, principal and president of leasing and property management operations for Simone Development Companies.

Located on Westchester Ave. in Westchester’s “Medical Mile” along I-287, Purchase Professional Park combines Class A medical and office space, amenities, and one of the most convenient commercial locations in the region. The campus is located off I-287, the Hutchinson River Pkwy. and I-684, and is 10 minutes from Westchester County Airport.

The landscaped campus features four modern buildings totaling 220,000 s/f; 3000, 3010, 3020 and 3030 Westchester Ave. 3030 Westchester Ave. is an 85,000 s/f medical building that is fully leased to Westmed Medical Group/Summit Health, a large multi-specialty group medical practice.

Purchase Professional Park offers a wealth of tenant amenities including an on-site Iron Tomato cafe, fitness center, 24/7 building access with camera security, a landscaped courtyard with seating areas, on-site owner management and complimentary parking.

Only three spaces remain available at the campus: 3000 Westchester Ave. (3,149 s/f), 3010 Westchester Ave. (4,511 s/f) and 3020 Westchester Ave. (3,587 s/f).

The expansion with Release Recovery was handled directly with Simone Development Companies’ in-house leasing and legal teams

MORE FROM Brokerage

AmTrustRE secures 5,754 s/f lease with GKV Architects at 360 Lexington Avenue

Manhattan, NY AmTrustRE has executed a 5,754 s/f lease at its premier boutique Midtown East office tower, 360 Lexington Ave., with longtime partner GKV Architects. The award-winning firm will occupy a portion of the 14th floor. >“GKV Architects has been a trusted partner to AmTrustRE for over two decades, playing an integral role in shaping and elevating several
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

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,

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced