New York University paid $33 million for the site of a planned medical building in West Palm Beach, Fla., for NYU Langone Health, around the corner from its existing outpatient office.
Morning Calm Management, the seller of the property at 324 Datura Street, obtained approvals to build a seven-story medical building spanning 181,492 square feet, with 76,362 square feet dedicated to medical offices.
The site last traded for $10.6 million in 2021. The property currently has a 68,811-square-foot office building that would be demolished as part of NYU’s plans.
NYU Langone, a hospital and health care system associated with the university, already operates in Downtown West Palm Beach, at 101 North Clematis Street. It had previously expressed interest in expanding in West Palm Beach, and at the Datura Street building site in particular, the Palm Beach Post reported in November.
The previous plans filed for the site specify four stories of medical offices, and three stories for parking, as well as a primary care center on the ground floor.
It was not immediately clear whether NYU intended to keep the existing plans or how they intended to use the space. “NYU Langone has been working to expand the exceptional services we offer in the Palm Beach area, and we hope to offer more information soon,” NYU Langone spokesperson Steve Ritea said via email.
Boca Raton-based Morning Calm, led by Mukang Cho, has offices in the mid-Atlantic, Texas and Ohio. Last year, it raised a $500 million fund to finance office properties, and launched another $250 million lending platform with Axar Capital, according to Commercial Property Executive.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
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