Selling medical office condos, again. in a pandemic, was an easy task!
Adelaide Polsinelli, Vice Chairman of Compass, a publicly traded, technology-driven real estate platform, has successfully closed on the second phase of the sale of a package of seven medical office condos, at the Corinthian, located at 345 East 37th Street, in the heart of Manhattan’s Medical Mile, for a total purchase price of$12,000,000.
“This sale highlights the resiliency of New York City, in particular, the medical office condo sector, which retained its value throughout the darkest of times,” commented Adelaide Polsinelli.
345 East 37th Street represents the largest package of medical condos sold in the last several years. Even as values have steadily increased, this deal was highly sought after due to its attractive location, flexible variety of unit sizes and solid tenant roster.
The “Corinthian Office Condominiums” is a three-story, premiere, 32-unit office condominium building at the base of the 57-story Corinthian luxury residential tower in Midtown East. The Corinthian is one of the more striking pieces of architecture in Manhattan. It was designed by Der Scutt, design architect, and John Schimenti and developed by Bernard Spitzer.
The property is strategically located on East 37th Street between First and Second Avenues, adjacent to the world-class NYU Langone Medical Center campus and is within a densely populated and affluent neighborhood, best known for its concentration of the city’s world-renown medical and life science industry.
“I have witnessed a tremendous appetite in buyer interest for prime medical and office condos. The ease of ownership, while not having to deal with the associated costs, headaches, and management of owning a whole building, along with the tax advantages, make for an attractive long-term investment” noted Adelaide Polsinelli.
The purchasers were National investors who are bullish on the future of New York City’s real estate market and made the decision to double down on medical, even as pricing has solidly climbed above pandemic levels.
The sellers were Kevin Chisholm and Bastien Broda, Managing Partners of 60 Guilders, LLC along with associate, Trystan Polsinelli.
About Polsinelli: With over 30 years of experience, Polsinelli has sold over 1,500 properties, valued at over $40 billion in every asset class including multifamily, retail, office, development, note sales, air rights, partnership interests, unsold shares and retail condos. She has sold over $2 billion in just the last few years, spanning NYC, Miami, Boston, Chicago and most of the northeast corridor. Prior to joining Compass, she was a principal at the now defunct, Eastern Consolidated.
About Compass: is a technology-driven real estate platform dedicated to creating a seamless and intelligent buying, selling, and leasing experience. Combining the country’s top agents, proprietary market insights, and integrated mobile and web technologies, Compass is developing the future of real estate decision-making. With $1 Billion in revenue, and $35 Billion in sales volume, Compass has 238 offices with locations in 122 markets, including New York City, Washington DC, Boston, Miami, Los Angeles, Santa Barbara, the Hamptons, and Aspen. New funding fuels international expansion, enhanced technology developments for agents and consumers. Compass was founded by Ori Allon, who sold two previous companies to Google and Twitter, and business partner Robert Reffkin, a former White House Fellow and Chief of Staff to Goldman Sachs’ President & COO.
ABOUT 60 GUILDERS: 60 Guilders, LLC is a private, New York City based real estate investment and operating firm founded in 2013 by Kevin Chisholm and Bastien Broda. Emphasizing intensive fundamental research and an entrepreneurial approach to acquisitions, 60G focuses on identifying, purchasing and repositioning value-add properties in New York City. 60G’s operations are built around an extensive network of relationships and proprietary data, and are leveraged by its in-house expertise in acquisitions, dispositions, financing, asset management, construction management, leasing, marketing and accounting.
