Medical college acquires prime office space
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.