New York Medical College has acquired a vacant 248,000-square-foot office building at 19 Skyline Drive in Hawthorne from Mack-Cali Realty Corp.
The approximately $17.5 million purchase gives the college upgraded space and allows more flexible planning for its growing enterprise, New York Medical College officials said in an annoucement.
Officials at Mack-Cali”™s New Jersey headquarters said the sale adds capital for the company”™s move into the multifamily residential market.
Dr. Alan Kadish, president of New York Medical College and the Touro College and University System, said the addition of “prime real estate” to the college “will open up a wealth of opportunities for new programs we are developing, as well as easing the crowded conditions currently experienced in some of the older buildings on campus.”
The five-story, class A building sits on a 12-acre property that adjoins the Valhalla campus. It includes a 115-seat auditorium and conference room, a fitness center, a cafeteria with a café annex and 80-seat outdoor dining plaza and a 720-space parking lot. College officials said the property soon will be connected by a paved roadway and sidewalk to Sunshine Cottage Road on the campus. .
The medical college expects to renovate the vacant building this summer and to begin moving faculty and staff there in September.
Mitchell E. Hersh, president and CEO of Mack-Cali, in a press release said the Skyline Drive sale “continues our strategy of recycling our capital out of non-core office assets to fuel our diversification into multifamily.”
The real estate investment trust”™s portfolio of 279 properties in the Northeast largely consists of office and office/flex properties that total approximately 31.3 million square feet of space. It owns nine multifamily rental properties with about 3,300 apartments.
Great news for Westchester County and New York Medical College! This will help keep jobs in Westchester, and keep NYMC on the cutting edge. As a partner to Westchester Medical Center, NYMC’s expansion helps attract top talent that improves healthcare for the entire region.
Fantastic news for our county, this along with other great stories of companies choosing our region need to be brought to the fore front. Having NYMC make this decision is great for the future of our students, other organizations and healthcare. Let’s continue to promote and share these and other stories about the positive things going on in Westchester.