Northwell completes acquisition of former Astoria HQ

Northwell completes acquisition of former Astoria HQ
Northwell Health has officially acquired the former Lake Success headquarters of Astoria Bank. (Photo courtesy of Northwell Health)

Northwell Health has completed its acquisition of a former Astoria Bank headquarters in Lake Success, Sterling Bancorp and Northwell announced in a joint statement on Monday, in a move that further expands the healthcare group’s footprint on the North Shore.

While it’s unclear at this time what purpose the building will serve, it joins a host of other Northwell properties on or surrounding Marcus Avenue like the company’s corporate headquarters, Long Island Jewish Medical Center, and Cohen Children’s Medical Center.

In total Northwell Health has 23 hospitals, 650 outpatient facilities, 66,000 employees and treats over 2 million patients annually.

“The property has been of great interest to us because of its proximity to Long Island Jewish Medical Center and other nearby Northwell facilities,” Northwell Health President and CEO Michael Dowling said. “This acquisition enables us to further expand our footprint and enhances our ability to meet the health and wellness needs of residents in both Nassau County and Queens.”

Brian Lee of Newmark Knight Frank, who represented Sterling in the sale, previously said that there was “a lot of interest in the property” because it features 20 acres of land near New York City, is along a highway, and has a large three-story building with room for development.

“It’s probably the last not fully developed property in Lake Success on a large parcel,” Lee previously said.

Long Island Business News, citing “industry sources,” reported the sale price as around $36 million.

Representatives from Sterling Bancorp, which acquired Astoria Bank last year as part of a $2.2 billion merger, said their decision to sell the property stemmed from wanting to bring its more than 500 staff workers on Long Island into its regional campus in Jericho.

“This transaction is aligned with Sterling’s strategy to consolidate locations and reduce our real estate footprint in order to drive increased efficiencies,” Sterling President and CEO Jack Kopnisky said. “Sterling looks forward to bringing our colleagues on Long Island closer together at a single location and wishes Northwell Health all the best in its new facility.”

The combined company now uses the Sterling Bancorp name, with its subsidiaries operating as Sterling National Bank.

Blue Sky Real Estate Services, a real estate company founded by former Northwell chief physical assets officer Philip Silverman in 2017, represented Northwell Health in the purchase.

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