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THE BLUEPRINT:
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Reiffman Group acquired a 33,000-sq-ft medical office building in Plainview for $6.7M
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$1.5M capital improvements planned to modernize and reposition facility
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Upgrades include new facade, ADA access, interiors, and landscaping
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Part of a $100M healthcare real estate initiative across NY metro area
Rockville Centre-based Reiffman Group has acquired a Plainview medical office property with plans for major improvements.
The company purchased a 33,000-square-foot building on 2 acres at 700 Old Country Road for $6.7 million. Reiffman Group will invest another $1.5 million in a capital improvement program to modernize and reposition the facility aimed at attracting regional healthcare providers, according to the company. The property, which was called Central Park Plaza Medical Arts Center, is currently about 80 percent occupied.
The redevelopment project will include a modernized facade with metal panel accents and upgraded glazing; redesigned entryways with new canopies and lighting; and new interiors and common areas with new flooring, wall coverings, lighting, artwork and reimagined lobby and waiting area.
The improvements will also add energy-efficient windows and doors; refreshed landscaping with new plantings, paver walkways and upgraded site lighting; and updated ADA-compliant access points and wayfinding.
“This redevelopment reflects our continued commitment to enhancing the quality and design of healthcare real estate across Long Island,” said Ross Reiffman, president and CEO of Reiffman Group. “700 Old Country Road will serve as a best-in-class medical facility designed to meet the operational needs of premier healthcare providers while delivering a superior patient experience.”
The Plainview project is part of Reiffman Group’s ongoing $100 million healthcare real estate initiative across the New York metropolitan area. Earlier this year the company acquired a 20,000-square-foot building on 1.45 acres at 99 Smithtown Bypass for $5.3 million and invested an additional $2.5 million to transform the property for use as a diagnostic imaging center.
The Hauppauge building, formerly owned and occupied by Capital One Bank, was purchased by Zwanger-Pesiri Radiology in 2023, but the imaging firm didn’t pursue plans for redevelopment. Instead, Zwanger-Pesiri sold the property to Reiffman Group, signed a 15-year lease, and opened the facility last month.
Founded in 2023 by Ross Reiffman in collaboration with Mitchell Reiffman of ROCA Management, Reiffman Group specializes in healthcare-focused real estate investment and development.
Tom Bigansky of North Village Realty represented Reiffman Group, while Ron Koenigsberg of American Investment Properties represented the seller, Reservoir Associates, in the Plainview sales transaction.
Debt financing was arranged by Matthew Tarpley, Michael Fioravanti and Ravi Patel of Fifth Third Securities’ Real Estate Investment Banking team.
Reiffman Group is continuing to seek strategic acquisitions of value-add properties and development opportunities in the area’s healthcare real estate market.
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David Winzelberg
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