Selling medical office condos 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 sale of a package of medical office condos, at the Corinthian, located at 345 East 37th Street, in the heart of Manhattan’s Medical Mile, for a price of $8,250,000.
The “Corinthian Office Condominiums” is a three-story, 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 premiere medical and life science industry.
“This sale is the boost that medical mile needed to remind medical investors that this is a “once in a cycle” opportunity to own one of the most insulated asset classes in New York City,” commented Adelaide Polsinelli.
“While the real estate industry was hard hit by the pandemic, this sale highlights the unique advantage presented by buying a bulk package of medical office condos that was fully occupied throughout the pandemic.
This sale represents not only the 15th condominium sale at the property, but also one of the largest packages of medical office condos sold this year. This package was highly sought after due to its attractive location, flexible variety of unit sizes and solid tenant roster.
“Given the pandemic’s impact to market pricing, my goal was to identify investors who would appreciate the unique attributes of the space and the building, while maintaining a long-term vision of the New York City real estate market” noted Adelaide Polsinelli.
“What could be better than owning prime medical offices in the heart of medical mile and not have to deal with the associated costs, headaches, and management of owning a whole building?” commented Adelaide Polsinelli.
Once ownership made the decision to separate the package into investor units, it was easy to identify a purchaser who appreciated the opportunity to own a pandemic proof asset with a stable return for years to come. The purchasers were Miami based investors who are bullish on the future of New York City’s real estate market and made the decision to double down on medical.
The sellers were Kevin Chisholm and Bastien Broda, Managing Partners of 60 Guilders, LLC along with associate, Trystan Polsinelli.
“This transaction is a win-win for ownership and the purchaser, whom we are confident, will look backas the market rebounds and appreciate their acute timing as they benefit from a strong recovery,” concluded 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.
