Vornado – Blumenfeld Development Group (BDG) & Mt. Sinai – Forest Hills, New York

99-01 Queens Boulevard

Forest Hills, Rego Park, New York

Mt. Sinai was seeking a location in Forest Hills/Rego Park for a large medical practice.  They had been searching for the right location for this operation and had struggled to find it.  We resolved the issue by suggesting a creative solution of leasing 16,954 of retail space.  This would provide a desirable destination that patients could easily access, was surrounded by public transportation and the space would have a unique layout.  99-01 Queens Boulevard, Forest Hills’ previously occupied Bank of America and Rite Aid space was ideal.  There was only one issue, the space was originally for lease and we were working on the lease transaction when internally Vornado made the decision to sell the asset.  Representing Mt. Sinai, we knew that if we didn’t bring the Buyer we could lose the lease transaction.  After our first Buyer didn’t work-out, we expeditiously replaced them without the building hitting the market.  That was when we introduced BDG to the opportunity.  They had a 1031 exchange and an existing relationship with Mt. Sinai, which helped facilitate both the lease and sale.  My favorite type of transaction, because all three (3) parties achieved their desired goals.  Mt. Sinai leased at an amazing location, Vornado achieved their desired sale price at $31,215,000 and BDG satisfied their 1031 requirement.  We sold a 56,916 square foot building and leased 16,594 square feet on the same day.  Some would consider this a good day, but with so much complexity within the transactions, this was a great day.