The Benedict Realty Group of Great Neck, N.Y. has bought a Rye Brook medical arts building.
The 76,000-square-foot building at 90 South Ridge St. houses several different medical specialties and it is 47 percent leased due to the expected departure of a long-term office tenant on the upper floor.
The new owner’s plan is to convert the entire building into medical space; the company did not disclose the transaction’s financial details.
The transaction represents BRG’s second medical office acquisition in less than one year.
In 2013, BRG purchased a 118,000 square foot medical office building in Garden City, N.Y. Since acquisition, BRG has successfully leased over 40,000 square feet of space to well-known tenants including the North Shore/LIJ Hospital.
BRG is a private investment group founded by Daniel Benedict more than 20 years ago. BRG is an owner and operator of approximately 5,500 multifamily units in New York City, as well as many commercial buildings.
Jeffrey Dunne, Steven Bardsley and Erik Edeen of CBRE’s New York Institutional Group represented the seller VIF II/South Ridge Street, LLC a joint venture of Abbey Road Advisors LLC and AEW Capital Management, LP, in the sale of the 76,000 square foot medical building.
The team was also responsible for procuring the buyer, Benedict Realty Group (BRG) of Great Neck, NY. Robert Watman of RDW Advisors represented BRG in this transaction.