Noyack Medical Partners Snags Office Condo

BROOKLYN, NY-Locally based Noyack Medical Partners LLC has acquired a 31,856-gross-sf medical office condominium comprised of 15 units within One Hanson Place, known to be the tallest building in Brooklyn at 512 feet. The tower is located in downtown Brooklyn at the intersection of Atlantic, Flatbush and Fourth avenues, about one block from Forest City Ratner Cos.’ proposed Atlantic Yards development.

Ron Solarz, Eric Anton, and David Shechtman of Eastern Consolidated represented the seller and introduced the buyer. Noyack Medical acquired essentially new medical offices with long-term above market leases, strong cash flow and stable, credit worthy medical tenants. One Hanson Place, which is roughly 225,000 total sf, has undergone a complete renovation by the seller, a joint venture of the Dermot Co. and the Canyon-Johnson Urban Fund. The property was listed at $13 million and the rents currently exceed $60 psf.

CJ Follini, a managing principal and CEO of Noyack, tells GlobeSt.com that the office condo was purchased for “close to the asking price,” but would not divulge the exact price. He explains that the building, which was formerly known as the Williamsburg Savings Bank Tower, is actually three buildings in one, each with separate entrances.

“Our property starts at ground level and goes up seven stories,” Follini tells GlobeSt.com. “We are the commercial owner, there will be a new retail owner, and the JV is in the process of selling the residential portion.” He explains that Noyack was attracted to the market and the property because it is the largest medical office condo in the area. The area has tremendous upside,” Follini says.

Follini notes contrary to popular belief, he is excited about today’s buying environment more so than the past. “There were several bidders even though it is a very trying time for financing,” he says. He further explains that while Noyack wasn’t the highest bid, “we won because they were able to close because of our access to financing and capital.” Balance sheet lenders are winning the day right now, he says. “Our financing was provided by balance sheet lender Bank of Smithtown.”

Two weeks ago, Noyack Medical Partners also purchased a hospital garage facility in downtown Portland, ME for more than $10 million. The 650-plus space parking garage known as the Gateway Parking Garage at the intersection of High Street and Cumberland Avenue. It was listed for sale for $11.9 million.