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]