The REIT Healthcare Trust of America pays $14M to EmblemHealth in Flatbush

Healthcare Trust of America, a REIT, through the entity HTA-Flatbush Mob, LLC paid EmblemHealth’s Health Insurance Plan of Greater New York $14.1 million for 1000 Church Avenue in Flatbush. The deal closed on December 31, 2019, and was recorded on January 13, 2020. The transaction consists of 1 parcel, including the tax class health center, child center, clinic (I5). The property is 13,978 square feet. The parcel(s) have total development potential of 53,888 square feet.
The average sale price per square foot is $262.

This is the second building EmblemHealth sold in December. In the earlier sale, the heath company sold a commercial building in Elmhurst to Pi Capital Partners for $16.7 million. In this instance, EmblemHealth’s partner, AdvantageCare Physicians, signed a 15-year lease to occupy the space, with two, 10-year renewal options. EmblemHealth in May 2019 renewed a large lease at 55 Water Street in FiDi and AdvantageCare is also located in the building.

HIP acquired 1000 Church Street in December 1982. The insurer still owns or leases a large number of properties in New York City.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $65,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: A previous version of this post identified this as a sale-leaseback. In fact, the lease is with AdvantageCare Physicians, a company in a partnership with EmblemHealth, but not a division of EmblemHealth.