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]

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]

A New York State Supreme Court judge late last month ordered the
appointment of veteran corporate attorney Stuart Shorenstein to take
over as receiver of 34 Leonard, the troubled luxury co-op development
in Tribeca. Shorenstein, who recently joined the corporate law division at Cozen
O’Connor, was ordered Aug. 27 to collect rents and complete
construction of the property and named Cooper Square Realty as managing
agent at the building. The order also named E.W. Howell, as general
contractor of the project. “The goal is to complete the [construction of] the building,” Shorenstein told The Real Deal,
when asked about the fate of the project. “The second step is to
complete the foreclosure action. Once that is done, we’ll be in a
position to decide how to proceed.” [more]