Valley Hospital buys Ridgewood office building for $28 million
Wednesday November 27, 2013, 5:40 PM
BY LINDA MOSS AND BARBARA WILLIAMS
STAFF WRITERS
The Record
Related: Ridgewood might be able to restrict traffic at The Valley Hospital, traffic engineer says
Valley Hospital, which is in an expansion mode, has purchased a 112,000-square-foot office building in Ridgewood, where it says it will put new programs and services.
The three-story Parkview Plaza is at 1200 East Ridgewood Ave., across from the Wild Duck Pond, about a mile from the hospital’s main campus. The sale price was $28 million, according to real estate sources, who also said that Valley has been scouting northern Bergen County for other properties to buy.
The hospital purchased the building under its corporate name, Society of the Valley Hospital Inc., from Secaucus-based developer Hartz Mountain Industries Inc. The deal closed Nov. 19, according to CoStar, which tracks commercial real estate data.
Valley officials Wednesday confirmed the purchase but declined to release any details about its future use of the building, which is nearly fully leased, at 82 percent occupancy, according to CoStar. Tenants include Morgan Stanley and a number of medical offices.
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Will they pay taxes?
And Valley will of course make PILOT payments to make up for the resulting shortfall in ratables. Or maybe they won’t…
Some people are never satisfied.
Will that office building be taken off the tax rolls?
I’d guess if they collect rent its a for-profit taxable entity.
If they use if for their own use, then its a non-profit (such as an outpatient, day surgery etc,)
Why is Valley so secretive about the plans for this site?
Part of the game.
Will my eye doctor and dermatologist have to move out?
OK, so now Valley will add to traffic to the already-choked main arteries into Ridgewood?
And the blood donation center…so the entire East side will be Valleywood