Northwell Health pays $15.5M for office building in Midland Beach

Northwell Health through the entity Staten Island University Hospital paid $15.5 million to Rivercrest Realty Associates through the entity Seaview Dc, LLC for the office building (O1) at 500 Seaview Avenue in Midland Beach, Staten Island. The expected use is owner occupied.
The deal closed on September 9, 2024 and was recorded on November 19, 2024. The property has 40,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $387 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.)
The signatory for Rivercrest Realty Associates was Stanley Werb. The signatory for Northwell Health was Laurence Kraemer. The contract date was May 13, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Northwell Health purchased three properties in three transactions for a total of $273.7 million and has no record it sold any properties over the past 24 months.
The seller Rivercrest Realty Associates had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Midland Beach has 40,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 280 feet and is 200 feet deep with a total lot size of 56,000 square feet. 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 $7.4 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

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 40,000 square feet of built space are office buildings, with development buildings next occupying 0 percent of the space.

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