The Real Deal New York

Park Developers planning 241-unit resi building in Bed-Stuy

Nursing home executive acquired property for $16M in June

October 09, 2015 05:34PM
By Rey Mashayekhi

270 Nostrand Avenue

270 Nostrand Avenue in Bedford-Stuyvesant

Sunset Park-based construction firm Park Developers and Builders is planning a new 241-unit residential building at 270 Nostrand Avenue in Bedford-Stuyvesant, according to permit applications filed Friday with the Department of Buildings.

The building would rise seven stories and span nearly 164,000 square feet, with frontage on Nostrand and DeKalb avenues and Kosciuszko Street, according to the filing. Park Developers filed demolition plans for an existing four-story nursing home on the site in September.

The filing indicates 45 residential units on each of the second through sixth floors and 21 apartments on the seventh floor. The new building would also get a 121-car parking garage.

Marvin Rubin, senior managing partner of nursing home operator the Allure Group, acquired the property from CABS Nursing Home Co. for $15.6 million in June, according to city property records.

Bay Ridge-based Allure Group lists the property on its website as the Nostrand Center for Nursing and Rehabilitation, and no property records indicate a sale of the property to Park Developers — which may have filed plans for the residential building as a contractor on behalf of Rubin and the Allure Group.

Neither Park Developers nor the Allure Group could be reached for comment.