The panel featured executives from New York Presbyterian, Mt. Sinai, North Shore LIJ Heath System, Array Architects, Simone Healthcare Development, William Macklowe Company, Cauldwell Wingate, Health Care REIT and Cushman & Wakefield.
The first panel group discussed the Development & Design of medical space and its effect on real estate:
• The Affordable Care Act (ACA) has set in place cost restrictions for healthcare development.
• The hospital sector is stronger and more competitive than ever before in NYC.
• Healthcare has become more "retail focused".
• Kent Doss (Array Architects) says his firm puts significant amount of due diligence into understanding a community before implementing design
• William Macklowe (William Macklow Company) spent past year looking to buy downtown; he sees Class B office market as a commodity in the downtown area.
• Macklowe says he saw 156 William as an opportunity to differentiate as healthcare play.
• Mike Noto (Health Care REIT) sees healthcare design as more patient-centric today.
• Re-purposing to become a specialty hospital is more profitable- surgery makes money, medicine doesn’t.
• The "Baby boomer" generation will have higher expectations for healthcare
• Macklowe has seen a huge dynamic shift in Manhattan from healthcare to office space to neighborhoods.
The second panel discussed the Hospital Systems:
• Scott Mason (Cushman & Wakefield) believes the regulatory environment in NYC is more challenging compared to the rest of the country. The inventory of medical assets will see dramatic change.
• Sharon Greenberger (NY Presbyterian) focuses on patient thru-put. This is a challenge with older facilities.
• Thomas Ahn (Mt. Sinai) is looking to expand patient facilities that will better follow people’s health needs through their lifetime.
• Greenberger says infrastructure costs end up consuming most of the available funds. Questions how to find different ways to find infrastructure.
• Mason believes real estate is a huge component of healthcare’s balance sheet.
• Greenberger said NY Presbyterian is building new ambulatory care centers to incorporate new technology demands.
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