The Real Deal New York

Posts Tagged ‘542 east 5th street’

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    From left: Ben Shaoul of Magnum Real Estate Group and 542 East 5th Street

    Ben Shaoul’s Magnum Real Estate Group shot back today at a group of elected officials who had urged the developer not to convert a Lower East Side property that houses the Cabrini Center for Nursing & Rehabilitation into a residential building. According to a letter from Shaoul’s attorney obtained by The Real Deal, Magnum is close to a deal to sell the 542 East 5th Street property to a for-profit nursing home operator, and the main obstacle to the sale is the lack of an agreement between the for-profit operator and Cabrini.

    As previously reported, Magnum acquired the building on the corner of Avenue B for $25.5 million earlier this fall. Cabrini’s lease expires in mid-April, prompting worries from some that the community would lose the 240-bed nursing home. … [more]

  • EV Cabrini nursing home sells for $25.5M

    December 08, 2011 02:19PM

    The Cabrini Center for Nursing and Rehabilitation, a nursing home for low-income elderly residents at Avenue B and 5th Street in the East Village, has been sold for $25.5 million, the Lo-Down reported.

    The 542 East 5th Street home was purchased by a company called “MM 62-74 Avenue B Owner,” according to city records, the blog said. The seller was another private corporation called “64 B Venture,” comprised of the estates of Jacob W. Friedman and Sol Henkind, the Lo-Down said. … [more]