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Olshan Closes $66 Million Transaction with NYU Langone Medical Center

May 4, 2015

Crain's New York Business (subscription required) and GlobeStreet.com reported that an affiliate of New York-based Norvin Healthcare Properties has acquired a two-story, 45,000 square foot property in Long Island City, located at 21-21 44th Drive, in a transaction valued at $66 million. Norvin thensimultaneously entered into a 31-year triple-net lease with NYU Langone Medical Center, which plans to redevelop the property for use as a multi-specialty ambulatory care facility. Olshan represented the partnership in the closing which included simultaneous acquisition and financing andthe ground lease with NYU. The Olshan team was lead by Real Estate partners Samuel Ross and Thomas Kearns, and Tax partner Warren Gleicher, with assistance from Hyman Kindler, Jason Saltsberg and Martin Cooper.