Simone Development Gets Go-Ahead for Long Island Medical Redevelopment
- Mar 14, 2017
New York—Simone Development Cos. has announced that the Town of Huntington has approved the redevelopment of two of the buildings at 5 Cuba Hill Road in Greenlawn, N.Y. for medical use. The two 95,000-square-foot constructions will be redeveloped for Mount Sinai Doctors Long Island, formerly North Shore Medical Group, which is part of the Mount Sinai Health System.
Simone Development purchased 18 acres of the Greenlawn property from BAE Systems last year for an estimated $12 million, according to Long island Business News, after securing financing from First Niagara Bank, now KeyBank. The company leased the four-building complex totaling 200,000 square feet back to BAE, who had sold the property because it was underutilized. The complex in Greenlawn was built in 1959 and renovated in 2002. According to Yardi Matrix, the asset includes 50,000 square feet of office space and 660 parking spaces.
Mount Sinai aims to consolidate three of its current locations in Huntington, totaling 60,000 square feet, into a large multi-specialty practice at the new Greenlawn location by early next year. The new site will offer advanced imaging services, primary care, pediatric and concierge medicine along with a wide variety of specialty services.
The new Mount Sinai facility will be 2 miles from NYU Langone Huntington Medical Group, another multi-specialty facility.
Rendering courtesy of Simone Development Cos.