NEW YORK CITY-Simone Healthcare Development Group has acquired the Park Avenue Medical Arts Center here for $11.5 million.

The 19,000-square-foot building, which is a commercial condominium, is located on 62 East 88th St. Simone Healthcare is a division of Simone Development Companies based in the Bronx. The 15-story building was constructed in 1986 and contains 18 residential units in addition to the medical condominium space.

Corcoran Wexler Healthcare Properties‘ Paul Wexler and Edward Midgley, as well as Timothy Sheehan and Daniel Kaplan of CBRE represented the seller, S&H 88th Street Associates, in the transaction. Corcoran Wexler represented the buyer in the deal and has been retained as exclusive leasing agent for the medical space by Simone Healthcare.