Northwell Health buys hospital building from Ascent Real Estate Advisors for $24.9M in Staten Island

Northwell Health’s Staten Island University Hospital paid Ascent Real Estate Advisors through the entity Area Seaview, LLC, $24.9 million for the hospital building (I1) at 501 Seaview Avenue in South Beach, Staten Island.
The deal closed on March 28, 2024 and was recorded on April 19, 2024. The property has 48,954 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $508 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Ascent bought the property on May 30, 2014, for $13.4 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Northwell Health had purchased two properties for a total of $249 million and has no record it sold any properties over the past 24 months.
The seller Ascent Real Estate Advisors had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in South Beach has 48,954 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 183 feet and is 73 feet deep with a total lot size of 16,426 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 77,502 square feet of the 1,296,595 square feet. The identified owner is Milden Avenue Realty Associates.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 1.3 million square feet of built space are specialty buildings, with office buildings next occupying 6 percent of the space.

Direct link to Acris document. link