New York medical office building acquired for $48.1M — 4 insights

Welltower acquired a medical office building in Lynbrook, N.Y., for $48.1 million, Long Island Business News reports.

Here's what you should know:

1. The 105,000-square-foot medical office building is five-stories tall and features a surgery center.

2. The building was constructed in 1982 but turned into a medical office building with a surgery center in 1998.

3. Welltower entered into an agreement with the Town of Hempstead Industrial Development Agency, which is requiring Welltower to work to keep the building staffed with 307 full time equivalents. Currently, 439 FTEs work at the site.

4. Hempstead's IDA CEO Fred Parola said in a statement, "The investment in this building by Welltower … is a tremendous vote of confidence in the town of Hempstead and its economy."

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