The New York Medical College, a member of the Touro College and University System, bought the 5-story building at 19 Skyline Drive, Hawthorne for $17.5 million, Mack-Cali Realty Corporation reported.
The building is slightly more than 242,000 square feet and current has no tenants.
“This is an auspicious day for New York Medical College,” Alan Kadish, M.D., president of New York Medical College and the Touro College and University System, said in a press release. “The addition of this prime real estate will open up a wealth of opportunities for new programs we are developing, as well as easing the crowded conditions currently experienced in some of the older buildings on campus. We are committed to developing our enterprise in ways that support and enhance our ability to fulfill the nation’s need for health care professionals, and these modern facilities offer the flexibility and growth potential we have been seeking.”
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, said the sale “continues our strategy of recycling our capital out of non-core office assets to fuel our diversification into multi-family.”
The building is adjacent to the medical school’s campus. The property consists of 12 acres off Route 9A, and houses a 115-seat auditorium/conference room, a fitness center, a cafeteria with a café annex and an 80-seat outdoor dining plaza, and a 720-space parking lot. In the near future it will be connected to Sunshine Cottage Road via a paved roadway with a sidewalk.
College officials say they expect renovations to take place this summer, and to begin moving faculty and staff to the Skyline Drive building in September.