From left: 542 East 5th Street and State Senator Daniel Squadron
As reported last month, the Cabrini Center for Nursing & Rehabilitation, at 542 East 5th Street, recently sold to Ben Shaoul’s Magnum Real Estate Group for $25.5 million. Now, with a rumor that Magnum will be flipping the building to the Archdiocese of New York City, one of the city’s largest real estate owners, circulating, local politicians are putting in their two cents, begging the owner not to sell.
The local politicians cite the recent closure of the Bialystoker Nursing Home, highlighting the lack of adequate nursing care in the area and asking that the new landlord consider options that will “retain nursing home beds on the Lower East Side.” The letter was written to Kenneth Fisher of Cozen O’Connor, Magnum’s attorney, and was written by State Senator Daniel Squadron and signed by numerous city, state and federal officials who represent the neighborhood.
The Archdiocese will need a new home within the next five years, the blog said. Cabrini’s lease is up next April. Magnum said it had no comment when contacted by The Real Deal. [The Lo-Down]