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News Release: Norvin Healthcare Properties announces Long Island City project with NYU Langone Medical Center

NYU Langone to transform a 45,000 square foot industrial building into a multi-specialty ambulatory care facility to serve one of Queens’ hottest neighborhoods

PressReleaseIconNEW YORK, April 30, 2015 – An affiliate of New York-based Norvin Healthcare Properties has acquired a two-story, 45,000 square foot property at 21-21 44th Drive in Long Island City in a transaction valued at $66 million.

Norvin simultaneously entered into a 31-year triple-net lease with NYU Langone Medical Center, which plans to redevelop the property for use as a multi-specialty ambulatory care facility. The transactions closed April 10.

Norman K. Livingston, Norvin Healthcare Properties President, noted that NYU Langone’s new outpatient center will provide exceptional healthcare in a strategically-located section of one of New York City’s fastest-growing neighborhoods.

“Consumer demand for convenient, high-quality, cost-effective healthcare has created an urgent need for providers to bring full-service, multi-specialty outpatient centers to their communities,” Mr. Livingston explains. “This new NYU Langone facility in Long Island City will satisfy that need in terms of both location and the comprehensive range of healthcare services that will be offered under one roof.”

The property is located in the heart of Long Island City, one-half block from the Citigroup Building at One Court Square. The NYU Langone multi-specialty ambulatory care facility will serve a rapidly-growing local population that saw the development of more than 8,000 new residential units, 24 hotels, and 2 million square feet of office space since a 2001 rezoning, with another 18,000+ residential units either planned or under construction. The property’s location is within a two-block radius of four different subway lines.

About Norvin Healthcare Properties

Norvin Healthcare Properties is a private equity fund with real estate interests throughout New York City; the New York Tri-State area; Washington, D.C.; Houston; Austin, Texas; and Florida. Since 2002, Norvin has concentrated on investment properties serving the healthcare industry, assembling a portfolio in excess of 2 million square feet, including acute and post-acute hospitals, clinical and diagnostic facilities, medical office buildings (MOBs), and healthcare administrative buildings.

Norvin maintains strong landlord-tenant relationships with numerous health systems including Catholic Health Initiatives, Hospital Corporation of America, Kindred Healthcare, MD Anderson Cancer Center, Memorial Hermann Health System, Mount Sinai Health System, New York University Hospitals Center, OakBend Medical Center, Saint Luke’s Health System, Seton Health System, Texas Children’s Hospital and many others. Norvin is the largest for-profit owner of healthcare properties in Houston’s Texas Medical Center – the largest medical complex in the world. Norvin maintains offices in New York City and Houston. For more information, please visit www.norvin.com.

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