Biz
WCBJ ®
INSID DE E
WESTCHESTER COUNTY W
B BUSINESS JJOURNAL
YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS | westfaironline.com
May 28, 2012 | VOL. 48, No. 22
MADE IN WESTCHESTER, SOLD IN BROOKLYN
A site on Buena Vista Avenue. The project, which Dearden estimated will cost more than $100 million, was first presented to city officials in 2009. Metro Partners that year paid $450,000 to acquire from the Yonkers Downtown Waterfront Development Corp.avacant,environmentallycontaminatedpropertyat 41-49 Buena Vista Ave., site of the architecturally distinctive but deteriorated Teutonia Hall, a cultural center built in 1891. The developer plans to raze the brick building after dismantling its historic facade and replace it with an apartment building marketed to attract Metro-North commuters as tenants. Metro Partners is targeting the same young professionals market that has filled the com-
made-in-Westchester model for health care is being imported to New York City by a renowned institution and soon could be brought to other parts of the country by a business offshoot of the private physicians group that developed the model at its“polyclinics” in the county. AtWestmed Medical Group headquarters in Purchase, Dr. SimeonSchwartz,founderandpresidentofthemultispecialty group practice, called the partnership deal negotiated in the last year and announced this month “an industry-transformative event” in health care. A major New York hospital, the Mount Sinai Medical Center, will outsource a 75,000-square-foot outpatient medical office in Brooklyn to a small private company, Westmed Practice Partners, he said. Schwartz called the partnership a first by a hosSIMEON SCHWARTZ pital for “a strategic initiative of this magnitude.” Mount Sinai is the first outside client for Westmed Practice Partners since the division was formed last year at Westmed Medical Group. The opening of the Mount Sinai Brooklyn Heights Medical Group office represents a $15 million to $20 million investment, Schwartz said. Westmed Practice Partners will apply the expertise WestmedhasacquiredatitsoutpatientcentersinWestchester, Schwartz said. “This is going to look like a Westmed facility and it’s going to function like a Westmed facility.” Westmed in the last year opened an 83,000-square-foot, 45-physician multispecialty clinic at the Ridge Hill development in Yonkers and a 28,000-square-foot office in New Rochelle. The practice since July has added 50 doctors, an
History moves for developer, page 6
Made in Westchester, page 6
Tracking development • 3 History moves for developer
A
BY JOHN GOLDEN jgolden@westfairinc.com
downtown Yonkers developer has cleared a landmarking hurdle at City Hall and this summer will seek financing to build a residential tower and redevelop several properties on Buena Vista Avenue. “We’re clear to proceed to site plan approval,” said Kenneth Dearden, president for development at Metro Partners L.L.C., owners of the Lofts at Metro 92, a former Yonkers trolley barn across from the downtown MetroNorth Railroad station. Listed on the National Register of Historic Places, the 92 Main St. building would be connected to Metro Partners’ planned 250-foot-high, glasssheathed apartment building on an approximately 2-acre
BY JOHN GOLDEN jgolden@westfairinc.com
V H
COUNCIL OF INDUSTRY • 15
GOOD THINGS • 59