Obamacare: New York Healthcare Real Estate Game-Changer
Aging boomers and Obamacare are creating big changes in New York healthcare real estate. Ahead of our 4th Annual New York Healthcare Summit on Jan. 28 at the New World Stage at 7:30am, we asked our panelists to break it down. Paul Wexler, who leads the healthcare team at The Corcoran Group, a sponsor of our event, says, “This is a significant shift, not a temporary thing.” Before, individual doctors’ offices were signing leases; now it's large healthcare systems and large multi-specialty groups. Providers are emphasizing outpatient care and cutting costs. And that means new leases and property acquisitions all over the city. As one example, last spring NYU Langone Medical Center closed on the leasehold interest for its 170k SF in 333 East 38th St from landlord SL Green. The move let NYU fork over $145M for its 170k SF in the building, instead of paying rent year after year. NYU Langone's Vice Dean for Real Estate Development and Facilities Vicki Match Suna will be a panelist.
Paul’s team at Corcoran is marketing 125K SF at 156 William St, a space that had been rented by the City of New York. A star speaker at our event, Billy Macklowe (right, with Paul), bought the 12-story, 250K SF building in the Financial District just over a year ago with plans to repurpose the building for healthcare providers. If you want a growth industry, Paul says you can’t do much better than healthcare: the Affordable Care Act means over 30 million more people now have access to care. To hear more, please join us for Bisnow's 4th Annual New York Healthcare Summit on Jan. 28 at the New World Stage starting at 7:30am. Sign up here.