Joseph Simone of Simone Development Companies Sees NYC’s Life Sciences Investment Will Spur Development Boom
BRONX, NY (September 27, 2021) — Joseph Simone, President of Simone Development Companies, announced that a development boom is coming to New York City neighborhoods where teaching hospitals will expand their life sciences research.
“New York City is home to many of the country’s leading medical research institutions, so it makes sense that municipal leaders want to expand this sector by promoting health-tech incubators and wet labs,” said Joe Simone, whose company has its own plans for building wet laboratories.
New York City recently increased its investment in Life Sci NYC to $1 billion as part of an effort to transform underused properties and land into wet laboratories for medical research and med-tech start-ups.
So far, New York City’s biotech investments include a $13 million grant to Montefiore Medical Center and its medical school, the Albert Einstein College of Medicine to launch the Einstein-Montefiore Biotechnology Accelerated Research Center. The center will create a biomanufacturing facility focused on cell, gene, and antibody therapy production. The Bronx-based center will be open to early-stage and established companies.
Across the street from the proposed biotech facility, Simone Development Companies’ Hutchinson Metro Center includes an ambulatory surgical center for Montefiore. At the south end of the Hutchinson Metro Center, Joseph Simone has proposed building an office park that includes wet laboratories for medical research.
“Researchers and biotech start-ups want to be near each other because they thrive on collaboration. In the next 10 years the neighborhood surrounding the new research center will undergo a renaissance with the construction of a new Metro-North train station at Morris Park, new housing for researchers and students, and new offices for growing biotech companies,” said Joseph Simone.
Simone Development Companies’ Hutchinson Metro Center is part of an on-going redevelopment of the former Bronx Psychiatric Center campus. Phase 1 of the campus redevelopment envisions the creation of 100,000 square feet of biotech/research laboratories.
According to the New York City Economic Development Corporation, the life sciences sector has seen an average annual growth of 50+ biotech companies since 2016.
Joe Simone, President of Simone Development Companies, Sees Plastic Surgery Trends Driving Design of Medical Facilities
BRONX,NY (Sept 13, 2021) — An explosive growth in minimally invasive cosmetic procedures is influencing the design of dermatologists’ and plastic surgeons’ offices, according to Joe Simone, President of Simone Development Companies.
“Medical practices want larger treatment rooms that can accommodate the latest cosmetic technology for skin resurfacing and cellulite treatment,” said Joseph Simone. “As the laser technology improves and delivers better results, we’re seeing skyrocketing demand for laser treatments nationwide.”
According to the American Society of Plastic Surgeons’ 2020 statistics, total cosmetic procedures grew 131 percent between 2000 and 2020. The cosmetic procedures with the biggest growth over the 20-year period were minimally invasive procedures including laser skin resurfacing (483 percent) and cellulite treatment (261 percent). Surgical procedures with the biggest growth over the 20-year period include cheek implants (938 percent) and upper arm lifts (4,174 percent).
“Many of the medical facilities we have delivered in recent years include dermatology-office and cosmetic-surgery floor plans, including the Hutchinson Metro Center in the Bronx, N.Y. and WESTMED locations in Purchase, N.Y. and Greenwich, Conn.,” said Joseph Simone. “Simone Development Companies expects to continue new construction or renovation that includes dermatology and cosmetic surgical offices and operating rooms.”
The use of non-invasive procedures to slow the signs of aging are on the rise. According to the American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS), the pandemic created a surge in surgical demand not seen in recent years. Even though many non-essential surgeries and aesthetic services were put on hold for months during the pandemic, AAFPRS members note that demand grew higher than ever.
“People are staring at themselves on screens during teleconference all day,” said Joe Simone. “That’s why so many people are seeking options like eyelid procedures to look less tired on camera. With remote working expected to increase in the future, it’s a sure bet more people will want to improve their appearance and seek medical solutions.”
Montefiore Medical Center
Montefiore Medical Center
104 Corporate Park Drive, Harrison, NY
Adding to its growing presence along Westchester’s “Medical Mile,” Simone Development Companies transformed the former corporate office building into a state-of-the-art specialty care facility for Montefiore Health System. The four-story, 115,000-square-foot center at 104 Corporate Park Drive provides local families with world-class treatment that is close to home.
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Hospitals to Seek New Revenue Models Amid Declining Patient Overnight Stays
BRONX NY (August 2021) — Healthcare real estate developer Joseph Simone says that the declining rate of hospital stays is prompting providers to seek new revenue models involving elective surgery and outpatient services.
“For the past four decades we’ve seen a remarkable decline in average hospital stays that is reshaping the medical landscape. Many hospitals have closed while those that remained open have launched multi-million-dollar expansions to help them replace the revenue from declining hospital stays,” said Joe Simone, President of Simone Development Companies.
According to statistics from the Centers for Disease Control, the average length of a hospital stay declined nationally from 11.4 days in 1975 to 6.1 days in 2014.
“These government statistics are the reason why my company built the New York metro region’s first ‘bedless hospital,’ an 11-story facility in the Bronx that focuses on outpatient medical services that include surgery,” said Joseph Simone, referring to the 280,000-square-foot Montefiore Ambulatory Care Center. “Increasingly, we are seeing the construction of similar centers throughout the region and nationally.”
Hospitals are spending big money on new ambulatory centers as outdated sick wards receive fewer extended-stay patients. In Harrison, NY situated in the heart of Westchester County’s “Medical Mile” along I-287, Simone recently completed 104 Corporate Park Drive, a state-of-the-art pediatric ambulatory care facility custom designed for Montefiore Medical Center.
“These centers are critical for aging hospitals as they seek to upgrade their delivery of high-quality, specialty care,” said Joe Simone. “Today’s healthcare consumers are demanding higher levels of service and comfort from hospitals, which means that developers and landlords must pay special attention to building design.”
Healthcare Real Estate Developer Joe Simone Sees Boom in ‘Medispas’ Spurring Medical Office Makeovers
BRONX, NY (August 9, 2021) — Healthcare real estate developer Joseph Simone foresees big investment in medical office makeovers as doctors jump on the medical spa bandwagon.
“A national boom in consumer demand for medispas has medical practices and hospitals turning to real estate developers for new locations or renovations of existing offices, lounges and treatment rooms to deliver a spa environment,” said Joe Simone, President of Simone Development Companies. “Consumers willing to spend big money on cosmetic lasers, injections and other elective procedures expect new levels of comfort from their providers.”
A recent article in Medical Economics estimated that the medical spa market is expected to reach $33.9 billion by 2026, with a compound annual growth ratio of 13.8%.
“Once the realm of estheticians and dermatologists, medical spas are increasingly seen by medical practices and hospitals as a revenue stream that allows established healthcare groups to bring their brand recognition to a booming field,” said Joseph Simone.
Big retailers are also jumping on the medispa bandwagon. Earlier this year, Jack Nathan Health, a company that operates medical clinics inside Walmarts in Canada and Mexico, announced that it is expanding to eight more Walmarts in Canada to offer cosmetic injections, including Botox.
“The growing interest in wellness and self-care means that medical providers must reevaluate sterile medical office environments,” said Joe Simone. “Simone Development Companies is ready to partner with medical groups to design successful medical spas.”
62 East 88th Street
62 East 88th Street
Manhattan, NY
Conveniently located in the heart of the sought-after Carnegie Hill neighborhood on Manhattan’s Upper East Side, 62 E 88th Street is a 19,000 square-foot state-of-the-art medical condominium in a luxury doorman building. Known as Park Avenue Medical Arts Center, the building’s medical suites offer private elevator access, a separate entrance and a renovated lobby. The building is close to major Manhattan hospitals including Mount Sinai Medical Center, Lenox Hill Hospital, NewYork-Presbyterian, Weill Cornel Medical Center and the Hospital for Special Surgery. The property also offers easy access to mass transit.
