Joyland Management Buys Former Beth Israel Medical Building for $34M

Joyland Management has purchased two adjacent former medical buildings near Stuyvesant Square Park for $33.5 million, according to property records and a source with knowledge of the deal.

Joyland, through the entity 317 East 17th Street, bought the 12-story property at 313-319 East 17th Street from Mount Sinai Beth Israel, property records show. The property was formerly the Beth Israel Medical Center.

Joyland’s Joel Wertzberger signed for the buyer, while Beth Israel’s Vincent Tammaro signed for the seller, according to records.

The buildings between First and Second avenues were just one of four former medical properties Beth Israel put up for sale along East 17th Street in 2023, with 321, 327 and 329 East 17th Street also listed by the hospital, according to The Real Deal.

Cushman & Wakefield (CWK)’s Craig Waggner, John Ciraulo, Jack Stephen and Jonathan Serko brokered the sale.

A spokesperson for C&W declined to comment, while spokespeople for Beth Israel and Joyland did not immediately respond to requests for comment.

As the property’s new owner, Joyland may convert the buildings into luxury condos, apartment units, senior housing or student housing, TRD reported, citing marketing materials.

However, some local politicians had been hoping the properties’ new landlords would turn some of the buildings’ space into affordable housing under New York City’s Mandatory Inclusionary Housing program, according to TRD.

While Beth Israel is not required to force the new owners to include affordable housing at the properties, it’s unclear what Joyland’s plans are for its new buildings.

Isabelle Durso can be reached at idurso@commercialobserver.com.