The Feil Organization has acquired the New York Neurological Building in the Upper East Side for $17.35 million dollars. Located at 162 East 78th Street, the 9,000 sq ft six-story building traded for just under $1,928 per square foot. Built in 1926, it was converted into a modern medical facility in 2010 including doctor offices and treatment rooms. The new owner will continue to operate the building as a medical facility which was 100 percent leased at the time of closing. New York Residence represented the seller while Estreich & Co. and Douglas Elliman represented the buyer.
“We are delighted to have facilitated this highly successful transaction,” said Thomas Guss, President of New York Residence. “The buyer added a property with a strong and stable cash flow to his portfolio. The building will not be altered in any way and continue to be a trusted address for medical services for many years to come.”
