A partnership of ABS Partners Real Estate and Benenson Funding Corporation have purchased a five-story medical office building at 407-409 East 70th Street, Commercial Observer has learned.
The building between York and First Avenues was sold by 407 Associates LLC, a group of doctors who practice in the building, led by cardiologist Lawrence Levin.
In addition to the sale, the doctors executed a leaseback option, allowing them “to monetize their building,” and continue to practice in their offices, according to the doctors’ broker Mitchell Levine of Cushman & Wakefield.
“This fully leased turnkey medical office property is located in the heart of New York’s major medical corridor on the Upper East Side,” C&W’s Guthrie Garvin said in a prepared statement referring to nearby New York-Presbyterian Hospital and Weill Cornell Medical College. “Demand was high due to the stability of the asset in a growing healthcare market.”
Levine declined to provide the terms of leaseback option, but said “the leaseback for the spaces were varied among the doctors,” via a spokeswoman.
ABS Partners’ representative said that executives were not available to speak today and an executive for Benenson did not return a request for comment. The buyers did not have a broker.