Simone Development Cos. Inks Long-Term Deal at Bronx MOB

New York-Presbyterian has signed a 10,189-square-foot long-term lease with owner Simone Development Cos. at a 60,000-square-foot medical office building in The Bronx, N.Y. The landlord was self-represented in direct negotiation with the new tenant.

The three-story Class B medical office building is at 2510 Westchester Ave. and features an on-site parking garage. The current owner bought the 1972-built asset in 2009 for $5.5 million, according to CommercialEdge information. The property became subject to a $11 million permanent loan in 2016, provided by Flagstar Bank.

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The tenant roster also includes Bronx Wellness Center, Unlimited Care Inc., Bronx Westchester Medical Group and Advanced Urology Centers of New York, among others., according to CommercialEdge data. The tenants cover multiple specialties across diverse healthcare fields, such as sports medicine, orthopedics, physical and chiropractic therapy or behavioral health.

The 1-acre medical office asset is within the Westchester Village neighborhood, close to Westchester Square Station. The property is 10 miles from LaGuardia Airport, 13 miles from Midtown Manhattan and within 19 miles of John F. Kennedy International Airport.

Recent movements in the MOB sector

Earlier this month, Lincoln Property Co. formed a joint venture with partners Blue Arch Capital and LoanCore Capital to own and operate Park Sixty, a Class A medical office building in Manhattan. The 15-story building includes 179,000 square feet of medical office space and 7,000 square feet of retail.

In July, Healthcare Realty Trust Inc. expanded its joint venture with Nuveen Real Estate to $400 million in assets. The company is contributing with eight properties valued at $193 million, while Nuveen will fund 80 percent of that equity value. HRT generated $400 million of proceeds so far in 2024 and expects to increase those gains to more than $1 billion.