Brooklyn medical buildings sell for $40M

Three buildings are all located in Bay Ridge

New York /
Dec.December 29, 2020 10:45 AM
Clockwise from left: 9020 Fifth Avenue, 7115-21 13th Avenue and 7601 Fourth Avenue in Bay Ridge (Google Maps)

Clockwise from left: 9020 Fifth Avenue, 7115-21 13th Avenue and 7601 Fourth Avenue in Bay Ridge (Google Maps)

A set of three medical buildings in Bay Ridge recently traded hands for more than $40 million, in what was reportedly a 1031 exchange transaction.

The three buildings, totaling about 61,400 square feet, are located at 7601 Fourth Avenue, 9020 Fifth Avenue, and 7115-21 13th Avenue and are fully occupied by medical tenants such as ProHealth, Quest Diagnostics, and ENT & Allergy Associates, according to marketing materials reviewed by The Real Deal.

The buyer was William Lerner, president of Imperial Parking, a parking garage chain in the city that operates as iPark. Lerner, through his shell entities, recently sold three garages in Manhattan to Centerpark for $34.7 million, according to PincusCo. Lerner couldn’t be reached for comment.

According to sources familiar with the deal, Lerner’s transaction was a 1031 exchange. Real estate investors with capital gains have been eager to swap their properties before the year’s end since President-elect Joe Biden, as a presidential candidate, proposed eliminating 1031 exchanges — a popular tax deferral benefit — for investors with annual incomes greater than $400,000.

Lerner was represented by Kassin Sabbagh Realty’s Bunny Escava and Isaac Setton in the transaction. Escava declined to comment.

The seller was Dr. Shahrokh Abiri, a radiologist affiliated with ProHealth, and he was represented by the Rochlin Organization and Scout Healthcare Advisors. Rochlin’s principal Adam Rochlin declined to comment. Abiri couldn’t be reached for comment.

Unlike the hospitality or retail real estate sectors, medical and life sciences properties have been among those least affected by the pandemic-driven downturn. Big REITs, including Blackstone and Alexandria Real Estate Equities, have continued to pour money into the sector during the pandemic.





    Related Articles

    arrow_forward_ios
    From left: Howard Hughes CEO David O’Reilly and Jean-Georges Vongerichten in front of the Tin Building at the Seaport (Photo Illustration by Steven Dilakian with Getty Images, Howard Hughes and Twitter/arcofnyc)
    Howard Hughes buys stake in Jean-Georges
    Howard Hughes buys stake in Jean-Georges
    From left: Savitt Partners Bob Savitt and Tory Burch with 11 West 19th Street
    Tory Burch staying put at Savitt’s 11 West 19th Street
    Tory Burch staying put at Savitt’s 11 West 19th Street
    Ruschmeyer’s Hotel (Facebook, Getty)
    Montauk hotspot Ruschmeyer’s for sale after losing liquor license
    Montauk hotspot Ruschmeyer’s for sale after losing liquor license
    The office building at 2400 Sand Hill Road in Menlo Park, part of DivcoWest’s “The Quad” campus
    Sand Hill Road reckons with its future
    Sand Hill Road reckons with its future
    A photo illustration of One John Street (left) and 79 Second Place (right) in Brooklyn (Douglas Elliman, Front Inc., Getty Images)
    Brooklyn’s top deal last week? Just $6M
    Brooklyn’s top deal last week? Just $6M
    The Chetrit Group's Joseph Chetrit and Park West Village on the Upper West Side (Getty Images, Google Maps)
    Chetrit, Stellar land $365M refi for UWS luxury apartment complex
    Chetrit, Stellar land $365M refi for UWS luxury apartment complex
    Bruce Teitelbaum, 106 West 145th Street and Al Sharpton (Getty, Google Maps)
    Teitelbaum slaps Sharpton with legal notice at Harlem HQ
    Teitelbaum slaps Sharpton with legal notice at Harlem HQ
    Jack Resnick & Sons president Jonathan Resnick and 250 Hudson Street (Getty Images, Google Maps)
    PR giant Edelman renews massive space at Resnick’s 250 Hudson Street
    PR giant Edelman renews massive space at Resnick’s 250 Hudson Street
    arrow_forward_ios

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

    Loading...