New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
START Trades One East Harlem Clinic for Another
START Treatment & Recovery Centers acquired a 15,765-square-foot, four-story building at 2191 Third Ave. in East Harlem, expanding and upgrading its clinic facilities for approximately 300 patients. It financed the acquisition though the sale of 2195 Third Ave., a three story, 6,000-square-foot building that previously housed its clinic, and 2193 Third Ave., an adjacent vacant lot.
In both transactions, Ariel Property Advisors played a role. The firm’s Michael A. Tortorici, Marko Agbaba and Sean O’Brien participated in START’s purchase and also represented START in selling 2193-2195 Third. Matthew Swerdlow of Ariel’s capital services team procured the financing for START’s purchase of 2191 Third.
This is the second time START has used real estate to invest in its future. This summer, START and its joint-venture partners Delshah Capital and OTL Enterprises, launched the first phase of construction for 22 Chapel St., a downtown Brooklyn residential tower that will contain START’s headquarters.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
