OFFICE OWNERSHIP ON MEDICAL MILE 345 EAST 37TH STREET NEW YORK, NY
CUSTOMIZED HEALTHCARE REAL ESTATE OWNERSHIP
THE PRESCRIPTION FOR SUCCESS The Corinthian Medical Office Condominiums offers medical professionals the rare opportunity to own their office space. HIGHLIGHTS: Variety of medical office condominium units for sale ranging from 1,500 RSF to 14,000 RSF Located adjacent to the NYU Langone Medical Center campus and in a densely populated and affluent neighborhood Institutionally managed building featuring a soaring marble and wood lobby and newly renovated common corridors The Corinthian makes medical office ownership attainable and ultimately more affordable than leasing
PROVIDING STRENGTH & STABILITY TO MEDICAL PROFESSIONALS The Corinthian Medical Office Condominiums is a three-story, 32-unit medical office condominium building at the base of the 57-story Corinthian luxury residential tower in Midtown East. The property is strategically located on East 37th Street between First and Second Avenues, adjacent to the world-class NYU Langone Medical Center campus and is within a densely populated and affluent neighborhood. The Corinthian Medical Office Condominiums offers customizable units for sale ranging from 1,500 RSF to over 14,000 RSF. Owning an office condominium gives medical professionals the ability to lock in their occupancy costs and insulate themselves from the ever-rising expense of office leasing in Manhattan. The Corinthian makes medical office ownership attainable and ultimately more affordable than leasing.
BENEFITS OF OWNERSHIP COSTS LESS THAN LEASING The average annual cost of medical office condominium ownership is historically less than the cost of leasing over a five to 10 year period. Current market lease rates for medical office space far exceed the annual office condominium carrying costs, which include common charges and real estate taxes. There are also a variety of attractive financing options available for established medical professionals. Medical office condominium owners are insulated from the ever-increasing cost of leasing office space. An office condominium owner s occupancy costs remain reasonably consistent and predictable, allowing for precise operating expense projections and easy budgeting, whereas tenants are subject to the fluctuations of the rental market and whims of landlords who may have conflicting objectives.
OWN YOUR IMPROVEMENTS Medical professionals typically sink significant capital into rental office space to install necessary medical and diagnostic equipment. For these tenants, renting is risky because if they are unable to renew their lease they may lose this investment or be burdened with relocating their equipment. As a result, landlords can take advantage of medical tenants by extracting higher rents during lease renewal negotiations. By owning their office space, medical professionals eliminate future rent escalations and secure their long term space needs. Medical professionals who own their space can justify investing in a higher-end build out, which can give them a competitive advantage over other medical professionals who lease their space. The higher-end build out improves their practice and increases the value of their condominium unit.
A PREMIER MEDICAL OFFICE CONDOMINIUM The Corinthian Medical Office Condominiums is a well-maintained, institutionally owned and managed property. The building recently underwent a significant capital improvement program with approximately $1.7 million invested since 2011, including a full renovation of the lobby and common areas, roof replacement, and upgrades to the HVAC system. Suites contain the necessary infrastructure for medical offices, including multiple plumbing risers and ample electrical capacity Exceptional corner suites with large, curved, floor-to-ceiling windows Several suites boast unique features such as high ceilings, outdoor terraces and private street-level access with signage Customizable suites are available in a variety of configurations, from 1,500 RSF to over 14,000 RSF, at a range of price points Newly renovated lobby features soaring ceilings and luxurious marble and wood finishes On-site underground parking garage with direct access to the lobby Central heat and air conditioning Separate freight entrance and loading dock First class service including professionally trained building managers, mechanical engineers, security guards, porters and cleaning crew
IN THE HEART OF MEDICAL MILE Midtown East is home to a cluster of nationally renowned hospitals, medical centers, doctors offices, and outpatient facilities, collectively known as the NYU Langone Medical Center. This expanding network of NYU affiliated institutions represents one of the densest health care clusters in Manhattan and drives significant demand for medical office uses requiring close proximity to the medical campus. The property is surrounded by an extremely dense and affluent neighborhood which is expected to grow as 5,000 new apartments are delivered. The property is within close proximity to Grand Central Terminal and Penn Station, and is next to the Midtown Tunnel.
Beautifully landscaped public plaza
NYU Science Building Development Kips Bay Towers NYU Hassenfeld Children s Center NYU Langone Medical Center Tisch Hospital 300 East 34th Street (Residential) NYU Energy Building Development NYU Kimmel Pavilion Building Development View 34 (Residential) Queens Midtown Tunnel NYU Hospital Center Ambulatory Care Center JDS Development 626 First Avenue 800 Units 2017 Delivery Horizon (Residential) FDR DRIVE Manhattan Place (Residential) NYU Center for Musculoskeletal Care & NYU Outpatient Surgery Center New York Tower (Residential) The Churchill (Residential) Solow Development Site FIRST AVENUE United Nations
TIMES SQUARE 6TH AVE BRYANT PARK W 45TH ST 15 10 5TH AVE 7 E 42ND ST E 36TH ST E 34TH ST GRAND CENTRAL E 40TH ST E 38TH ST 6 8 3RD AVE E 45TH ST MIDTOWN E 43RD ST TUNNEL EXIT ST E 35TH ST E 33RD ST E 32ND ST E 31ST ST E 30TH ST E 29TH ST E 41ST ST E 39TH ST E 37TH ST 2ND AVE E 44TH ST TUNNEL ENTRANCE ST MURRAY HILL 10 9 12 9 5 17 4 16 17 13 11 1 3 2 11 15 TUDOR CITY PLACE 8 16 12 13 14 18 19 1ST AVE THE UNITED NATIONS QUEENS-MIDTOWN TUNNEL 6 7 23 14 1 3 22 21 4 5 20 E 30TH ST 2 LOCATION MAP NYU AFFILIATES 1 NYU Langone Main Medical Center Campus 15 NYU Voice Center 4 Third Ave. Podiatry & Foot Surgery Center 2 Bellevue Hospital Center 16 NYU Anesthesia Associates 5 Mt Sinai Medical Center 3 Tisch Hospital 17 NYU Hospitals Center - Ambulatory Care Center 6 New York Doctors Urgent Care - Murray Hill 4 University Nephrology Associates 18 Center for Musculoskeletal Care 7 Manhattan Women s Medical 5 The NYU Day Surgery Center 19 NYU Outpatient Surgery Center 8 International Pediatric Health 6 University Neurology Associates 20 Science Building 9 Therapy Center Of New York 7 8 9 Center for Biomedical Imaging / NYU Fertility Center Smilow Comprehensive Prostate Cancer Center Hassenfeld Children s Center for Cancer and Blood Disorders 21 22 23 Kimmel Pavilion Energy Building Shiel Medical Labs 10 11 12 Horizon Medical Group Total Rehab Physical Therapy Pediatric Associates of NYC PC 10 Children s Ambulatory Care Center 13 Murray Hill Medical Group 11 Institute Reconstructive Plastic Surgery OTHERS 14 The Hand Surgery Center 12 Clinical Cancer Center 1 Kips Bay Endoscopy Center LLC 15 New York Allergy and Sinus Centers - Murray Hill 13 Comprehensive Epilepsy Center 2 Sports Therapy & Rehab Center 16 NY Medical Skin Solutions 14 Heart Rhythm Center 3 Parkmed Physicians 17 NYC Dental Center
BUILDING SPECS Location: 345 East 37th Street, New York, NY 10016, between First and Second Avenues Year Built: Constructed in 1988, renovated in 2012 Zoning: C1 9 Size: 105,624 rentable square feet Floors: 3 (lobby and 2 office levels) Elevators: Two passenger and one freight Lobby: Newly renovated lobby features soaring ceilings and luxurious marble and wood finishes. It is attended by a security guard. Construction Type: Steel frame encased in concrete Plumbing: Each floor has a set of women s and men s restrooms. There are plumbing risers located throughout the building that are accessible by all office suites. Heating: The building is heated by live steam supplied by Con Edison. Steam is fed to two heat exchangers with one serving the commercial office suites. Hot water is circulated to water source heat pump units. Air Conditioning: The commercial tenant spaces are cooled by water source heat pumps. The heat pumps are provided with condenser water from two 70-ton cooling towers which were replaced in 2009. Electrical: Electricity is provided by Con Edison. Each medical office suite has its own distribution panel with a typical capacity of 125 amps. Freight Entrance: Freight entrance and loading dock are located on the 38th Street side of the building. Garage: There is a public garage located beneath the building with entrances located on both 37th Street and 38th Street, and there is direct access to the lobby. The garage is managed by a garage operator and offers both monthly and daily parking.
TEAM EXCLUSIVE MARKETING AND SALES Rudder Property Group (RPG) is New York s only commercial real estate firm specializing exclusively in the conversion and sale of office condominiums. RPG consistently leads the market in office condominium sales and is widely respected throughout the real estate community as the foremost experts on New York s office condominium market. www.rudderpg.com SPONSOR 60 Guilders, LLC (60G) is a private, New York City based real estate investment and operating firm, with a portfolio of office, retail and residential properties valued in excess of $1 billion. 60G s operations are built around an extensive network of relationships and proprietary data, and are leveraged by its inhouse expertise in acquisitions, dispositions, financing, asset management, construction management, leasing, marketing and accounting. www.60guilders.com PROPERTY MANAGEMENT The Feil Organization owns, develops, and manages over 26 million square feet of retail, commercial, industrial, residential, and undeveloped properties. Each property under Feil s management is monitored on a daily basis by a handson administrative, financial and maintenance staff. All accounting procedures, tenant reference inquiries, and inventory control processes are handled through its sophisticated in-house IT system. Because of the size and number of properties it manages, Feil can achieve economies of scale that effectively control cost and optimize overall performance while keeping each property on top of changing trends in the marketplace. www.feilorg.com
WWW.CORINTHIANOFFICECONDOS.COM Michael Rudder O: (212) 966-3611 M: (646) 483-2203 mrudder@rudderpg.com Michael Heller O: (212) 966-3622 M: (917) 439-2198 mheller@rudderpg.com Rudder Property Group 866 United Nations Plaza Suite 207 New York, NY 10017 www.rudderpg.com The complete offering terms are in an offering plan available from sponsor. File No. CD16-0142. Sponsor Name and Address: 345 East 37th Street Property Owner, L.L.C., c/o 60 Guilders, LLC, 370 7th Avenue, Suite 1400, New York, New York 10001. Property location: 345 East 37th Street (a/k/a 330 East 38th Street), New York, New York 10016.