Westchester firm buys $54M Brooklyn medical building
Property was purchased for less than $3M in 2005 and redeveloped
A big deal for a medical building just went down in Midwood.
An investment firm based in Westchester County paid $53.8 million for the Brooklyn property, Crain’s New York reported.
Seavest Investment Group acquired 902 Quentin Road from Marx Development Group, the publication reported. David Marx, the owner of his eponymous firm, bought the property for $2.7 million in 2005 and redeveloped it.
Marx, who also owns Flushing-based Atria Builders, erected an eight-story office building on the property in 2014, YIMBY reported. Atria took ownership of the property for about $2 million in 2007, two years after another Marx-affiliated entity bought it for $2.7 million.
Neither Seavest Investment Group nor Marx Development Group immediately responded to requests for comment.
Several medical offices call the building home, among them New York University’s Langone’s Perlmutter Cancer Center and the Gastroenterology Associates of Brooklyn.
Though it is Seavest’s mission to invest in medical office buildings, this may be its first rodeo in New York City. The investment group has projects in Buffalo and Long Island, as well as in other states including California, Michigan and Pennsylvania, Crain’s reported.
[Crain’s New York] — Cordilia James