From left: 429 East 75th Street before its redevelopment and a rendering of it today. Center, Charles Bendit, co-CEO of Taconic.

An unnamed affiliate of the Hospital for Special Surgery has made an all-cash purchase for a medical office building at 429 East 75th Street between York and First avenues. The sellers, Taconic Partners and ABR Partners purchased the property, then a parking garage, in 2006 and transformed it into a 30,000-square-foot medical facility. Charles Bendit, the co-CEO of Taconic, said that the property’s proximity to other medical institutions, such as Lenox Hill Hospital at 100 East 77th Street between Lexington and Park avenues, and Cornell University Hospital at 525 East 68th Street near York Avenue, influenced his decision to develop the medical use building there. The sellers were represented by Paul Wexler of Corcoran Wexler. TRD [more]

Noyack Medical Partners’ CJ Follini (left) and Corcoran’s Paul Wexler

Like many other segments of the commercial market, health care real estate is in a “wait-and-see” mode right now — but not just because of the economy. The Obama administration’s proposed health care reforms could lead to significant changes in health care facilities, and consequently in real estate, CJ Follini, managing principal at Noyack Medical Partners, told about 30 attendees at a Real Estate Board of New York seminar this morning. “If you think housing is the most important thing [for the economy right now], you’re wrong,” said Follini, who founded Noyack, which acquires and manages health care real estate. “It’s health care.” [more]