Pharmacy owner pays $10.8M for two medical buildings in Staten Island

The owner of Enexia Pharmacy Group through the entity 3311-3333 Hylan LLC paid $10.8 million to Orlin & Cohen Medical Specialists Group through the entity Ortho Healthcare Realty LLC for the medical office buildings (O7) at 3311 and 3333 Hylan Boulevard in Bay Terrace, Staten Island. The expected use is cash flowing. Both buildings are listed as open and taking appointments for Orlin & Cohen physicians.
The deal closed on June 26, 2024 and was recorded on October 25, 2024. The two properties have 19,931 square feet of built space and 3,141 square feet of additional air rights for a total buildable of 20,589 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $541 and the price per buildable square foot is $524 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 Orlin & Cohen Medical Specialists Group was Paul S. Berkley, who was CEO of Healthcare Associates in Medicine, which was acquired by Orlin & Cohen. Orlin & Cohen is an affiliate of the large hospital network Northwell Health. The signatory for the buyer was Boris Natenzon, who is CEO of Enexia Pharmacy Group. The contract date was February 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Enexia Pharmacy Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Orlin & Cohen Medical Specialists Group had not purchased any other properties and had not sold any properties over the same time period.

The property

The office buildings in Bay Terrace have 19,931 square feet of built space and 3,141 square feet of additional air rights for a total buildable of 20,589 square feet according to a PincusCo analysis of city data. The parcel for 3333 Hylan Boulevard has frontage of 190 feet and is 137 feet deep with a total lot size of 26,178 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 $3.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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.

All properties are office.

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