Posts Tagged ‘cabrini center for nursing and rehabilitation’
Negotiations to preserve the Cabrini Center for Nursing and Rehabilitation failed, and the East Village facility will close this summer, EV Grieve reported, to make way for a condominium development by Magnum Real Estate President Ben Shaoul.
Shaoul acquired the 84,000-square-foot building, at 542 East 5th Street, for $25.5 million in November and reports immediately began circulating that the center would close. [more]
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]
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.” … [more]
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]