Simone Healthcare acquires 1436 Broadway for $1.38 million; Pinnola of NAI Long Island reps seller

Simone Healthcare Development Group has acquired 1436 Broadway and unveiled plans for the construction of a new medical office offering primary, specialty and urgent care services. Simone, which has developed 2 million s/f of medical space over the past several years, has already arranged a long-term lease of the property to a major hospital. The target opening date is in the spring of 2014. Brian Pinnola of NAI Long Island represented the seller, Verizon. Jim MacDonald, VP of Simone, represented the owners. According to published reports, the purchase price was $1.38 million. "The process of delivering quality medical services is evolving rapidly, as most major hospitals in the N.Y. metropolitan area were built half a century ago or more. As hospitals and other health care providers look for new and innovative ways of delivering the best care, we are partnering with them to develop and manage the new facilities they need in order to accomplish those goals," said Joseph Kelleher, president of Simone. In addition to the new facility on Long Island, Simone is actively working with Montefiore Medical Center, Mount Sinai Hospital, and other major health care providers on new outpatient care centers. In partnership with Montefiore, Simone Healthcare Development is nearing completion of a 280,000 s/f, multidisciplinary ambulatory care center within Simone's 42-acre Hutchinson Metro Center office park in the Bronx. Simone Healthcare Development also recently acquired the Park Ave. Medical Arts Center on East 88th St. in Manhattan, which the company will renovate and update in accordance with the needs of medical tenants. "Our business model contemplates a long-term relationship with the healthcare provider that encompasses every aspect of locating, designing, building, and operating a new facility," said Kelleher. "There's an incredibly strong need for new outpatient facilities as the healthcare industry responds to seismic changes in the way medical services are delivered, and our company is uniquely positioned to help our clients navigate their facility needs through our complete array of real estate services." Simone Healthcare Development Group provides a full range of services to its clients, including Strategic Planning, Site Selection and Acquisition, Design/Construction/ Development, Financing/Ownership, and Medical Building Facilities Management. "We strive to engage with healthcare providers at the earliest possible stage of the expansion process to achieve the best outcome, and to remain a trusted advisor and long-term partner through every step of development and after completion of the facility," Mr. Kelleher added. Simone Healthcare Development Group, a division of Simone Development Companies, partners with healthcare providers to create turnkey ambulatory medical facilities in the New York metropolitan area, with over a million square feet of new healthcare and medical office space currently built or in development. The company establishes long-term relationships with healthcare providers that encompass every aspect of locating, designing, building, and operating a new facility. By undertaking expansion in partnership with Simone Healthcare Development, healthcare providers reduce their expenditures on real estate services, freeing up capital for investments in technology, personnel, and other resources that enhance their core businesses.