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Queens condo tower sells 90% of medical space.

More than 90 percent of 20,640 square feet of condo medical office space at The Pinnacle has been sold, according to CrossLand Federal Savings Bank, sponsor of the 27-story, luxury residential condominium tower in this Queens neighborhood.

Nine individual spaces located on the building's second floor -- sized from 1,000 to 3,000 square feet and served by a private elevator -- were acquired by a variety of general and specialized medical practices, reports David C. Hale, a CrossLand vice-president.

Two additional spaces offering 1,100 square feet each of prime medical offices remain available for sale, he added.

The successful sales program for The Pinnacle's medical office space comes on the heels of last month's leasing of 12,500 square feet of first-floor retail space to Merill Lynch, which is moving its major Queens office to the building. That transaction leaves only 2,100 square feet of additional retail space vacant.

To date, more than 75 percent of The Pinnacle's 219 residences have been contracted for sale, and more than 65 percent have been closed. Available one-bedroom residences start at $146,000, two-bedroom homes from $179,000, and penthouses from 479,000. elegant style. Detailed woodwork, new carpeting and lighting will complement the residential theme presented in the lobby and lounge areas of the hotel.

* All 400 guest rooms will be redecorated with new wallpaper, lighting fixtures, carpeting, furniture and drapes. The bathrooms will be redone as well with new fixtures and cabinets. All closets will have mirrored doors.

The $4 million redesign and redecorating program is the latest in a continuing effort by Holiday Inn Crowne Plaza, to remain in the forefront of Westchester's luxury hotels. This past year the Holiday Inn Crowne Plaza in White Plains spent more than Sl million on redecorating and adding new meeting rooms to the hotel. The hotel also completely refinished its exterior.

The redesign work on the lobby, restaurant, lounge and other common areas in the hotel is being handled by Forma, a noted interior design firm from Seattle that specializes in hotel design. Holiday Inn Worldwide, the Atlanta-based operator of Holiday Inn and Holiday Inn Crowne Plaza hotels, is responsible for the redecorating work of the guest rooms.

Peterson, who was recently appointed general manager of the hotel, said the hotel market in Westchester is very competitive, especially for the important corporate
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Title Annotation:medical office condominium in Queens, New York, New York
Publication:Real Estate Weekly
Date:Feb 2, 1993
Previous Article:Larry B. Moshan.
Next Article:Cali signs 2 new tenants.

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