Washington Square Partners represented New York Presbyterian Hospital in creating a strategy to maximize its White Plains campus real estate. This strategy consisted of disposing of buildings that did not fit the hospital's core mission. New York Presbyterian Hospital owned several contiguous parcels proximate to Westchester Avenue in White Plains in Westchester County. Many of these parcels were vacant, underutilized, or under long term leases. In addition, the hospital had a contentious relationship with the City of White Plains and historically had difficulty gaining approval to move projects forward.

Washington Square Partners assisted with facilitating key real estate transactions for the hospital. One key transaction was repositioning a vacant medical building into a new retail development. Washington Square Partners led a nationwide search for a tenant to purchase and transform the existing building on the site. After selecting the Container Store for its first northeastern store, Washington Square Partners represented the hospital in negotiating sale terms. In addition, Washington Square Partners negotiated the sale of the Bloomingdales Department Store Building, at the time under long term ground lease, to Federated Department Stores.

Finally, Washington Square Partners worked with New York Hospital to attract an assisted living facility operator. As part of this process, Washington Square Partners drafted a request for proposals, marketed the site and advised on the responses to the request for proposals for operators. After an operator was selected, Washington Square Partners developed a strategy to obtain approval from the White Plains Common Council. This strategy included close coordination with neighborhood leaders and groups. The approval of this plan was a landmark for New York Presbyterian Hospitals as many previous plans had been stymied by the Council.

KEY ELEMENTS:

• Developer Negotiations
• Public Approvals
• Project Management