June 10, 2020
Southern California private equity firm IRA Capital has purchased a three-story 41,500 square foot medical office building in Manhasset (Long Island) anchored by Mount Sinai Health System and NYU Langone Medical Center. The facility serves as a multi-specialty clinic for Mount Sinai, offering internal medicine, gastroenterology, and cardiology services. Mount Sinai Health System is one of the largest integrated health systems in New York, which has over 7,000 physicians, serves more than four million patients annually, and encompasses the Icahn School of Medicine.
NYU Langone Medical Center, one of the nation’s premier academic medical centers, provides cardiovascular services and a Cardiac Arrhythmia Center at the building. The building is also occupied by Breitbart plastic surgery and includes a surgery center for the renowned plastic surgery practice.
IRA Capital continues to be among the most active healthcare real estate investors this year despite the ongoing challenges caused by the COVID pandemic. The Long Island building is the company’s eleventh healthcare acquisition in the past 60 days, totaling over $230 Million. According to IRA Capital partner Samir Patel, IRA Capital’s decision to acquire the asset was heavily influenced by the strong credit tenancy provided by two of New York’s leading healthcare providers, along with the facility’s strategic position on Long Island’s Northern Boulevard healthcare corridor.
About IRA Capital
IRA Capital “IRA” is a Southern-California based private equity firm founded in 2010 that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, family offices, and individuals. IRA invests in commercial real estate assets throughout the United States, with a primary focus on the medical/healthcare real estate sector. Headquartered in Irvine California, IRA has acquired over six million square feet of property across 25 states, valued in excess of $2 Billion.
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