Guttman wins two former Queens hospitals at auction

New York /
Oct.October 20, 2009 04:29 PM

Brooklyn-based developer and investment group Guttman Realty made the winning bid for the auction of two bankrupt Caritas Healthcare properties, with the aggregate purchase price coming in at $26.63 million.

CB Richard Ellis announced the winning bid today for the two former hospital sites in Queens: the four-acre Mary Immaculate Hospital campus in Jamaica and the two-acre St. John’s Queens Hospital property in Elmhurst.

The buyer has not settled on an official use for the two properties, but is considering transforming the Mary Immaculate site for educational, religious, non-profit or governmental use, and using the St. John’s site as an office building.

Larry Weiss, a CBRE vice president, which represented the seller in the auction, said his firm was happy with the auction’s outcome.

“Despite a weak economy, these development sites sparked a heated and highly competitive bidding process,” Weiss said. “Although driven to sell by a bankruptcy, the excellent central Queens location of these sites… and a dense residential and retail population produced great buyer interest.”

The bankruptcy court was reportedly seeking a minimum bid of $13.5 million for the 275,000-square-foot St. John’s property, which included an 86,400-square-foot garage, and a $4.35 million minimum bid for the 301,400-square-foot Mary Immaculate property. TRD


Related Articles

arrow_forward_ios
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
SpringHealth CEO April Koh, 60 Madison Avenue and Moinian Group’s Joseph Moinian (SpringHealth, VTS, Moinian)
Youngest female unicorn CEO moves startup to Moinian’s 60 Madison Avenue
Youngest female unicorn CEO moves startup to Moinian’s 60 Madison Avenue
CBRE CEO Bob Sulentic (Illustration by The Real Deal with Getty, CBRE)
Inside CBRE: How much do pros at the brokerage powerhouse make?
Inside CBRE: How much do pros at the brokerage powerhouse make?
CBRE's Chuck Leitner with the Brooklyn Logistics Center (CBRE, MarchAssociates Construction)
CBRE arm scores $106M refi for Amazon-operated warehouses
CBRE arm scores $106M refi for Amazon-operated warehouses
Madison International Realty's Ehud Kupperman, 8801 Queens Boulevard in Elmhurst (Madison International Realty, Jim.henderson/Public domain/via Wikimedia Commons)
Lidl takes 35K sf at Madison International’s Elmhurst mall
Lidl takes 35K sf at Madison International’s Elmhurst mall
160 West 24th street with Greystar’s Bob Faith and CBRE Investment’s Chuck Leitner (Streeteasy, Greystar, CBREIM)
CBRE snaps up $245M Chelsea apartments
CBRE snaps up $245M Chelsea apartments
CBRE’s Barbara Perrier and Darla Longo (Photo by Kevin Scanlon)
Sister act: How CBRE’s Darla Longo and Barbara Perrier became an industrial force
Sister act: How CBRE’s Darla Longo and Barbara Perrier became an industrial force
DH Property Holdings's Dov Hertz, CBRE Investment Management’s Chuck Leitner and 640 Columbia Street (CBRE, 640 Columbia)
CBRE nears $330M deal for Amazon-leased warehouse in Red Hook
CBRE nears $330M deal for Amazon-leased warehouse in Red Hook
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...