MANNREPORT August 2003
 

Manhattan Doctors Combine to Leverage Soft Real Estate Market

 Manhattan G. I. Associates, a new gastrointestinal medicine practice, has leased 2,500 square feet on the seventh floor of 38 East 57 Street at significantly below-market rents, according to Kal Frain, Sales Associate at Georgia Malone & Co., who negotiated the lease, and assisted in the space design and build-out on behalf of the tenant. "This is a spectacular space in one of New York's most upscale, trendy areas," said Frain. "The asking rent was $45 per square foot, but we were able to lock in $37.50 per square foot over a 10-year lease for an aggregate rent just over $1-million.

The Doctors made a wise decision to take advantage of this prime opportunity in such a soft, tenant-driven market."

Both gastroenterologists, Dr. Carl McDougall and Dr. Paulo Pacheco, are on the staff at New York Presbyterian Hospital/Weill Cornell Medical Center. "They wanted to consolidate their resources and open their own practice in a new central location," said Frain.

"Instead of waiting for space to become available in a residential or professional medical office building, we recommended that the Doctors take advantage of the soft market and go with this beautiful space in an upscale neighborhood and redesign it to their specifications," said Frain.

Copyright  MANNREPORT August 2003