BROOKLYN, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for St. Mary’s Hospital (top left photo), a seven-story, 304,763-square foot, full-block-front building in Brooklyn. The listing price of $18 million represents $59 per square foot.
Barry Kimchy, an associate vice president investments in the firm’s Manhattan office, is representing the seller, a local investment group.
“St. Mary’s Hospital is being offered significantly below replacement cost, which makes it extremely attractive as a hospital or as a redevelopment project,” says Kimchy. “The building can be repositioned for use as a multifamily property, as student housing or as an assisted-living facility.”
The property is located at 170 Buffalo Ave. in Brooklyn’s Prospect Heights/North Crown Heights area.
St. Mary’s was constructed in 1979 with state-of-the-art utilities, including HVAC and an electric self-generator. The property features four sidelights on the above-grade floors, four large passenger elevators and one freight elevator.
The building measures 239 feet by 155 feet, which yields approximately 205,139-square feet above grade plus a 96,552-square foot basement and two sub-basements. The site features a 225-foot by 192-foot garden, which contains additional air rights and could be converted into a parking lot and a 48-foot by 64-foot, 3,072-square foot freestanding building that was used as an ambulance garage.
St. Mary’s will be delivered vacant with approximately 42,000 square feet of additional air rights.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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