START Treatment & Recovery Centers has acquired a 15,765 s/f four-story building at 2191 Third Avenue in East Harlem, expanding and upgrading its clinic facilities for approximately 300 patients. START will house the new clinic on the ground floor and a portion of the second floor at 2191 Third Avenue.
It financed the acquisition though the sale of 2195 Third Avenue, a three story, 6,000 s/f building that previously housed its clinic, and 2193 Third Avenue, an adjacent 4,927 s/f vacant lot.
Ariel Property Advisors’ investment sales and capital services teams played a central role in both transactions.
Ariel’s investment sales team, which comprised of Michael A. Tortorici, Marko Agbaba and Sean O’Brien, participated in START’s purchase and also represented START in its sale of 2193-2195 Third Avenue.
Matthew Swerdlow of Ariel’s capital services team procured the financing for START’s purchase of the 2191 Third Avenue.
“Our newly renovated facility is bright, cheerful and modern with a comfortable waiting area, and since the clinical services are on the first floor, this new building accommodates the needs of our disabled patients,” said Lawrence S. Brown, Jr., CEO of START.
According to Dr. Brown, the new clinical site is a long-term investment in START’s future. East Harlem has experienced a tremendous surge in residential and commercial growth, as well as rezoning by the DeBlasio administration that will keep the area affordable and maintain the neighborhood’s culture.
START’s clinic is located across the street from Hunter College’s Silberman School of Social Work.
This is the second time START has used real estate to invest in its future.
This summer, START and its joint-venture partners Delshah Capital and OTL Enterprises launched the first phase of construction for 22 Chapel Street, a residential tower that will contain START’s headquarters and bring more affordable housing to Downtown Brooklyn.