LOUD NEIGHBOR
PAGE
3
JANUARY 15, 2018 | VOL. 54, No. 3
Crystal Run Healthcare sells Newburgh facility for $32.5 million BY BILL HELTZEL bheltzel@westfariinc.com
A
Crystal Run Healthcare outpatient facility in Newburgh has been sold to a Wisconsin private equity fund for $32.5 million. Crystal Run built the 3-story, 65,000-square-foot medical-office building in 2014, with financial assistance from the Orange County Industrial Development Agency. Crystal Run and Hammes Partners of Brookfield, Wisconsin, signed the deed a year ago but didn’t record the transaction until December. The health care network did not respond to questions about the transaction or about whether the deal has anything to do with its new affiliation with Montefiore Medical Center. “We can’t make any comments right now,” said Hammes spokeswoman Allison Steinhafel, in declining to discuss the acquisition. The building is at 1200 Route 300, also known as Union Avenue, in Newburgh. Part of the property is also in New Windsor. CRH Realty VIII, a Crystal Run affiliate, bought the 8.1-acre site in 2014 for $2.85 million. It budgeted $26.1 million for » CRYSTAL RUN
6
YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS
DONE DEAL
PAGE
4
westfaironline.com
Culture Fusion page 2
Jack Xiao, owner of Stone Rose in the Jefferson Valley Mall, where the restaurant’s menu is nearly as eclectic as its decor. Photo by Aleesia Forni
Nonprofits ‘dancing as fast as we can’ to adapt
BY ALEESIA FORNI aforni@westfariinc.com
A
lana Sweeny, president and CEO of United Way of Westchester and Putnam, is trying to remain optimistic. Like many other nonprofit leaders in Westchester County and across the country, Sweeny is concerned about what the new tax law will mean for charities like hers. “At this point, we have a lot of
unknowns, and a lot of it is going to have to be wait and see what happens,” Sweeny said. Congress passed the Tax Cut and Jobs Act in December, and with it, nearly doubled the standard deduction to $24,000 per couple or $12,000 for a single filer. According to the Tax Policy Center, a Washington D.C. nonpartisan think tank, the new plan could reduce the number of taxpayers who elect to itemize their deductions by more than 33
Ask us how to save on your home mortgage closing costs
500
» NONPROFITS
6
Lifting Up Westchester holiday meal volunteers
$
Call Mark Pawliczko 914-248-7272 *Residential mortgage w/pmts deducted from TLP Ckg Acct. See branch for details.
*