Compass’ Polsinelli Closes Second Phase of Medical Office Condo Sale
Adelaide Polsinelli, vice chairman of Compass, closed on the second phase of the sale of a package of seven medical office condominiums at the Corinthian, located at 345 E. 37th St. in Midtown Manhattan’s Medical Mile. The sale closed at $12 million.
“This sale highlights the resiliency of New York City, in particular, the medical office condo sector, which retained its value throughout the darkest of times,” said Polsinelli.
345 E. 37th represents the largest package of medical condos sold in the past several years. Even as values have steadily increased, this deal was highly sought after due to its attractive location, flexible variety of unit sizes and solid tenant roster.
The “Corinthian Office Condominiums” is a three-story, premiere, 32-unit office condo at the base of the 57-story Corinthian luxury residential tower in Midtown East. The Corinthian was designed by Der Scutt and John Schimenti, and developed by Bernard Spitzer.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).