HAWTHORNE, NY-Mack-Cali Realty Corp. has sold its 19 Skyline Drive building here to New York Medical College for approximately $17.5 million.
The Edison, NJ-based REIT announced the sale today. The five-story, 248,500-square-foot vacant building will be used to accommodate New York Medical College's expanding programs. New York Medical College, based in Valhalla, is a member of the Touro College and University system.
Mitchell E. Hersh, president and CEO of Mack-Cali, says of the deal, “The sale of this property continues our strategy of recycling our capital out of non-core office assets to fuel our diversification into multi-family.”
The property consists of 12 acres off Route 9A, and houses a 115-seat auditorium/conference room, a fitness center, a cafeteria with a café annex, an 80-seat outdoor dining plaza, and a 720-space parking lot.
Alan Kadish, M.D., president of New York Medical College and the Touro College and University System, says, “The addition of this prime real estate will open up a wealth of opportunities for new programs we are developing, as well as easing the crowded conditions currently experienced in some of the older buildings on campus. We are committed to developing our enterprise in ways that support and enhance our ability to fulfill the nation's need for health care professionals, and these modern facilities offer the flexibility and growth potential we have been seeking.”
College officials say they expect renovations to take place this summer and to begin moving faculty and staff to the Skyline Drive building in September.
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