In New York City, the real estate game is hard fought and won by aggressive players. Everyone wants a piece, from developers to buyers. So when space -- a rarity in the crowded metropolis -- becomes available, it gets used.
Interestingly, as hospitals and medical facilities close or are consolidated, the structures are often being used to develop new condominium residences. In some cases, the location makes the sites ideal for residential development and in others, the grand and unique qualities of the structures, which are often older and historic, dictates their new use.
Alex Maroni is a broker with Douglas Elliman handling the sales for the River Park project in Brooklyn's Cobble Hill neighborhood, where sales just launched--the result of converting what was once Long Island College Hospital into residences.
“This is one of the largest high-end residential projects we’ve worked with,” he says of River Park. “It is essentially right on the waterfront ... connecting Cobble Hill, Dumbo and Brooklyn Heights.”
Beyond the location, Maroni said part of the appeal was the historic aspect of the development, in particular the Polhemus Building, built in 1897, which was converted from medical uses to 17 condominiums.