Cortlandt MOD Property Up for Sale
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One of the properties near New York Presbyterian Hudson Valley Hospital slated for redevelopment in Cortlandt’s Medical Oriented District (MOD) is up for sale.
Last week, JLL Capital Markets announced it had been retained by Gyrodyne to sell Cortlandt Medical Park, a nearly 14-acre site on Route 202. The site is currently occupied by five one- and two-story medical office buildings totaling 31,420 square feet, which are 92 percent occupied by tenants including the hospital.
However, Gyrodyne had approached town officials about tearing down the existing building and replacing it with a 154,000-square-foot medical building on less than 10 acres.
Peter Pitsiokos, Gyrodyne’s EVP, COO, CCO & Corporate Secretary, said, “We are delighted to partner with JLL to bring this development opportunity to the market. Cortlandt Manor is an amenity-rich location with striking local demographics that distinguish the town as one of the tristate’s premier destinations. We applaud the town’s foresight in supporting redevelopments like this that will support Cortlandt’s economic vitality for years to come.”
Last year, the Cortlandt Town Board voted unanimously to create the (MOD), paving the way for Gyrodyne and another development known as Evergreen Manor.
The MOD was first proposed in 2015 during the town’s review of a new Comprehensive Plan. The district was reduced following lengthy public input from 105 acres and 34 parcels to 69 acres and 13 parcels.
“We anticipate a great deal of interest in this opportunity,” said Ryan Robertson, Director of JLL Capital Markets. “It will enable an investor to capitalize on the success of an already established medical hub – anchored by one of the world’s leading medical institutions – while collecting in-place income from established healthcare tenants.”
Evergreen Manor, led by Val and Mandy Santucci of VS Construction, is currently before the town’s Planning Board.
After undergoing several changes, Evergreen Manor representatives are looking to build 120 assisted and independent living units, 99 townhouses and between 7,000 and 10,000 square feet of commercial space on 28 acres. Evergreen Manor will be located from a main entry public roadway opposite Conklin Ave.
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