20 The Courier SUN • JULY 11, 2013 for breaking news visit www.couriersun.com Noyack Medical Partners: Leaders in Healthcare Real Estate With the passing of the Federal Patient Protection and Affordable Care Act -- the full name for “Obamacare” -- at least one type of industry is sure to benefit from this legislation - medical offices and other healthcare property. Noyack Medical Partners was founded in 2001 by CJ Follini who was born in Whitestone, Queens. While the firm maintains a national profile in the acquisition, development, financing, leasing and management of medical office buildings, it is one of only a firms specializing in healthcare real estate ownership headquartered in New York. Noyack Medical Partners has been involved in $200 million in healthcare acquisitions in the last three years alone. Mr. Follini’s family has a long history in NYC building and development and in particular Queens. In fact, his father’s company was also based in Whitestone and was involved in such famous projects as: John F. Kennedy Airport, the Whitestone Bridge, and the U.S. Open Tennis Center among numerous others. Follini Sr. was also a highly decorated member of the NY Fire Department. One of Noyack’s prominent properties is The Offices at One Hanson Place in Brooklyn. The 32,000-square-foot medical condo contains 15 doctors’ offices with practices ranging from oral surgery to urology. The property is located within the tallest building in Brooklyn: the Williamsburg Savings Building at One Hanson Place. The location is also just steps away from the Atlantic Yards development, which will house the new Brooklyn Nets stadium, as well as over 6,000 new residences.The building recently underwent a $50 million renovation which included brand new medical office space. According to Mr. Follini, “ The Offices at One Hanson Place is our crown jewel. They have filled fast and we only have a few left for either purchase or rent. We have even seen tremendous demand not just from doctors but all types of professionals” So what exactly is Healthcare Real estate? Here is a brief list of the types of properties are considered healthcare-related: 1. Medical office buildings (MOB’s) – office and clinic facilities, often located near hospitals or on hospital campuses. 2. Ambulatory surgery centers – ambulatory surgery centers that are used for general or specialty surgical procedures not requiring an overnight stay in a hospital 3. Specialty care facilities – include acute care hospitals, long-term acute care hospitals (LTACS) and other specialty care facilities. 4. Senior Housing – independent living (IL), assisted living (AL), continuing care retirement community (CCRC) 5. Diagnostic Centers or Medical Malls 6. Hospital Parking Facilities And why does Noyack focus exclusively on healthcare real estate? A growth in demand for medical outpatient centers was already anticipated as the giant Baby Noyack Medical’s iconic One Hanson Place – tallest clock tower in Brooklyn. Boomer generation ages; the extension of health insurance to 30 million uninsured Americans under Obamacare is likely to require a further increase in space as well as a faster pace of patient care that will set the healthcare real estate market on fire, according to some experts. Thus the pressures on profitability and demand for capital are driving hospital systems to sell their non-core businesses such as their real estate at an unprecedented rate. From a business standpoint, the reasons seem obvious: • Aging customer demographics = steady growth. Between 2010 and 2050, the U.S. population over 65 years of age is projected to more than double from 40 million to nearly 87 million people. Older Americans as a percentage of the total U.S. population as the “baby boomers” enter their 60s. In 2010, the number of persons older than 65 will comprise 13.0% of the total U.S. population and is projected to grow to nearly 21.0% by 2050. • Medical office buildings traditionally have higher occupancy with lower turnover than other commercial office assets = GREATER STABILITY. • Medical offices and healthcare real estate are proving to be recession-resistant and excellent investment alternatives. The management of healthcare real estate assets requires a understanding of the tenancy and their particular needs in which Noyack Medical executives have considerable experience and thus better suited than most. The Offices at One Hanson Place.
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