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Simone Healthcare Development Leases 4,367 Square Feet to OB/GYN Practice at 62 East 88th Street Medical Property

Medical Office Condo Acquired and Renovated Earlier this Year

NEW YORK, Jan. 7, 2014 /PRNewswire/ -- Simone Healthcare Development Group, a division of Simone Development Companies, announced that an OB/GYN medical practice has leased 4,367 square feet of medical office space at 62 East 88th Street.  Simone Healthcare Development acquired the medical condominium at 62 East 88th Street in February 2013 and recently completed a comprehensive renovation, including a sparkling state-of-the-art lobby, to enhance the property's appeal to modern healthcare practices.

"Simone Healthcare Development is pleased to announce this exciting new lease after acquiring and repositioning this fantastic medical office condominium.  We believed there would be a strong market for modernized healthcare space in this location, and we're excited to see the evidence of that demand," said Patricia Simone, Vice President of Leasing and Operations of Simone Development.  "This prime Upper East Side location is ideal for a growing medical practice and we see the property as a great addition to our growing healthcare real estate portfolio throughout the greater New York metropolitan area."

The OB/GYN practice that will occupy the space is headed by Laura Schiller, MD, Caitlin Fiss, MD and Catherine Goodstein, MD.  The practice has agreed to a long-term lease with renewal options.  The Wexler Healthcare Properties Team at the Corcoran Group serves as the exclusive leasing agent for the property.

Paul Wexler said, "The Upper East Side is continually experiencing a shortage of large office space.  62 East 88th Street is one of a handful of medical properties which can accommodate 4,000+ square foot users in a white-glove, high-end luxury condominium building.  There are only two remaining 4,000 -10,000 square foot units."

"Most doctors are too busy running their medical practice to take on the responsibility and time-consuming task of overseeing construction of an office. Ownership had provided the unique opportunity of designing and building the office to meet their specific needs."

The 19,000-square-foot commercial condominium features a private entrance, separate from the 60 East 88th Street residences above, and also includes a private elevator for the medical space.  Located between Park and Madison Avenues, the 15-story building was constructed in 1986 and contains 18 residential units in addition to the medical condominium space.

About Simone Healthcare Development:

Simone Healthcare Development Group, a division of Simone Development Companies, partners with healthcare providers to create turnkey ambulatory medical facilities in the New York metropolitan area, with over a million square feet of new healthcare and medical office space currently built or in development. The company establishes long-term relationships with healthcare providers that encompass every aspect of locating, designing, building, and operating a new facility. By undertaking expansion in partnership with Simone Healthcare Development, healthcare providers reduce their expenditures on real estate services, freeing up capital for investments in technology, personnel, and other resources that enhance their core businesses.

About The Wexler Healthcare Properties Team at the Corcoran Group

The Wexler Healthcare Properties Team, a division of The Corcoran Group, is a real estate brokerage team specializing in healthcare properties. Paul Wexler, of the Wexler Healthcare Properties Team, has played an active role as the leader in healthcare-related real estate transactions throughout the metropolitan area for over 25 years. Mr. Wexler's client base of healthcare professionals and real estate developers, brokers and others in the medical and real estate industries have enabled him to consummate more than 1000 health care related real estate transactions.

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SOURCE Simone Healthcare Development Group

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