Simone Development Companies announced that the Town of Huntington has approved its plans for the redevelopment of two of the buildings at 5 Cuba Hill Road in Greenlawn, NY, for medical use.
Defense contractor BAE Systems sold 18 acres of its Greenlawn property to the Bronx-based developer late last year.
At the time, Simone Development leased the four-building complex totaling 200,000 s/f back to BAE for varying lengths of time.
A nearly 9-acre portion with two existing buildings totaling 95,000 s/f that was leased back to BAE for one year is now slated to be redeveloped for medical use by the Mount Sinai Doctors Long Island (formerly North Shore Medical Group), which is part of the Mount Sinai Health System.
Mount Sinai will be combining three of its current locations in Huntington into a large state of the art multispecialty practice at the new Greenlawn location.
The new site will offer advanced imaging services, primary care, pediatric and concierge medicine along with a wide variety of specialty services.
In November 2015, First Niagara Bank (now KeyBank), provided financing to Simone Development Company for the acquisition and re-development of the 5 Cuba Hill property.
Arranged by senior commercial real estate lender Tracy Dembicer, this was the third transaction between Simone and the former First Niagara Bank, which was acquired by KeyBank in August of 2016.