Rethink HRE overcame many obstacles to deliver a converted facility for NYU Langone
By John B. Mugford
Seavest Healthcare Real Estate (HRE), now known as Rethink HRE, overcame many obstacles to convert a former grocery company headquarters into a multispecialty medical office building. (Photo courtesy of Rethink)
The proposed conversion of a three-story, 54,000 square foot general office building on New York’s Long Island into a multispecialty outpatient medical facility was a project that should have gone smoothly.
After all, the project brought together two strong and experienced organizations. White Plains, N.Y.-based Rethink Healthcare Real Estate (HRE), then known as Seavest Healthcare Properties, is a longtime private equity (PE) HRE investment firm that planned to acquire and own the property at 185 Central Ave. in Bethpage, N.Y. The intended tenant, New York-based NYU Langone Health, is one of the Northeast’s largest and most successful health systems, with six hospitals and more than 300 locations.
NYU Langone’s goal was to consolidate numerous medical practices in the Nassau County area at one easily accessible location. When Seavest conducted a search of sites and/or buildings in the area, repurposing the Bethpage building emerged as the most expedient solution. The property is in the heart of town, near plenty of commercial and retail properties, and close to the famed Bethpage State Park golf course complex.
Yet several complications arose nonetheless – complications that were overcome perhaps only because of the strength and experience of the key players.
First,
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