Simone Development Acquires Yonkers Office Building; Plans to Repurpose Property into Medical Office Space

YONKERS—Bronx-based Simone Development reports it has acquired One Executive Blvd. in Yonkers, a 133,768-square-foot, four-story office building from an affiliate of Robert Martin Co. of Elmsford. Simone officials stated that it plans to repurpose the office building into state-of-the-art medical space.

Simone Development has begun interior and exterior renovations to repurpose the property into a state-of-the-art medical building. Located on 6.7 acres at the intersection of Executive Boulevard and North Broadway, One Executive Blvd. offers excellent visibility and accessibility to major highways and mass transit. One Executive Blvd. currently has approximately 50,000 square feet of medical space available for lease. No financial terms of the transaction were disclosed.

One Executive Blvd. complements the North Yonkers Medical Mile that includes Simone’s highly successful Boyce Thompson Center. The 85,000-square-foot mixed-use center features physician’s offices of St. John’s Riverside Hospital, Westmed/Summit Health, ENT & Allergy Associates, Columbia Doctors and other medical practices along with retail shops and restaurants. One Executive Boulevard also neighbors Simone Development’s 1034 North Broadway, a 25,000-square-foot, recently renovated multi-tenant medical building that includes Northwell Health as well as Trust Specialty Pharmacy, the first pharmacy and drug compounding retail location in Yonkers.

Other well-known healthcare providers within the North Yonkers Medical Mile include St. John’s Family Medical Practice, Elizabeth Seton Children’s Center, Riverhill Radiation Oncology, and Northway Medical Center, Simone officials stated. The property is also near three major hotels: Courtyard by Marriott, Residence Inn by Marriott and Hampton Inns & Suites with a total of 337 rooms.

“Our acquisition of this important property located in the heart of what we see as the North Yonkers Medical Mile fits perfectly with our vision for this vibrant and growing healthcare community. Our investment in the Medical Mile began with our redevelopment of the Boyce Thompson Center, which has successfully attracted top-level medical tenants. Moving forward, we foresee continued strength in the healthcare sector here with its easy access to Southern and Central Westchester, Riverdale and the North Bronx,” said Joe Simone, President of Simone Development Companies.

“This sale reflects Westchester’s evolving commercial real estate market,” stated Robert Martin Company CEO Tim Jones. “1 Executive Boulevard is well-positioned for medical redevelopment, and we are excited to see Simone Development expand its footprint in the local healthcare marketplace.”

“Simone Development’s vision for Yonkers continues to elevate our economy,” said Yonkers Mayor Mike Spano. “Investing in Yonkers’ growing healthcare industry is smart and brings more jobs and momentum to the city. I look forward to seeing the expansion of Yonkers’ Medical Mile.”

Simone Development Companies, headquartered at the Hutchinson Metro Center in the Bronx, boasts a portfolio of more than seven million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield counties and New Jersey.