The Real Deal New York

Developers buy up doctor’s offices to convert to residential

February 07, 2014 06:10PM

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From left: Tanenbaum, Cabrini Medical Center

From left: Jeffrey Tanenbaum, Cabrini Medical Center

A combination of low residential inventory and a change in medical economics is giving doctors an incentive to sell their offices to developers looking to convert the spaces.

Jeffrey Tanenbaum, a former surgeon and Halstead Property agent who sells medical real estate, has noticed an uptick in owners who seek and obtain permission from their boards to sell medical space as residential, according to the New York Times.

“Of the 35 doctors’ offices I’ve been involved with in the last year, 25 percent have been able to be sold for residential use,” Tanenbaum told the Times.

For instance, the Chetrit Group plans to convert Cabrini Medical Center in Gramercy Park into 250 apartments. Chetrit bought the building on East 19th Street and Second Avenue for $150 million in 2013. [NYT] – Angela Hunt

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