The Real Deal New York

Gluck, Chetrit instrumental in nursing home land swap

December 20, 2011 08:54AM

Jewish Home Lifecare’s West 106th Street campus
One of the most ambitious new senior housing projects in the New York area is ready to move forward thanks to a land swap that could prove most profitable for developers Joseph Chetrit and Laurence Gluck (note: correction appended).

According to the Wall Street Journal, Chetrit and Gluck closed on the deal to give a lot on 97th Street between Amsterdam and Columbus avenues to Jewish Home Lifecare in exchange for the agency’s four-building campus that occupies most of the block nine streets directly north and another building on 105th Street. The developers will also give $35 million to Jewish Home.

Jewish Home will use its new land to begin construction on a $250 million nursing home in Feburary 2013. Unlike the long corridors and shared rooms that comprise a traditional nursing home, the center will be built with small pods of private rooms surrounding common kitchens and living areas to create more of a typical home setting. The model is based on a “Green House” model that other centers have successfully deployed in ranch houses or townhouses in suburban communities, but never in a high rise.

Jewish Home had previously struck an agreement with Gluck and Chetrit for a lot on West 100th Street, but zoning regulations made it difficult to build the site.

Meanwhile, Chetrit and Gluck get a large swath of land for future development, although the pair said they wouldn’t begin any construction on the site until the new Jewish Home facility is completed in 2017. [WSJ]

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