Gluck, Chetrit instrumental in nursing home land swap

TRD New York /
Dec.December 20, 2011 08:54 AM

alternate
text
Jewish Home Lifecare’s West 106th Street campus
One of the most ambitious new senior housing projects in the New York area is ready to move forward thanks to a land swap that could prove most profitable for developers Joseph Chetrit and Laurence Gluck (note: correction appended).

According to the Wall Street Journal, Chetrit and Gluck closed on the deal to give a lot on 97th Street between Amsterdam and Columbus avenues to Jewish Home Lifecare in exchange for the agency’s four-building campus that occupies most of the block nine streets directly north and another building on 105th Street. The developers will also give $35 million to Jewish Home.

Jewish Home will use its new land to begin construction on a $250 million nursing home in Feburary 2013. Unlike the long corridors and shared rooms that comprise a traditional nursing home, the center will be built with small pods of private rooms surrounding common kitchens and living areas to create more of a typical home setting. The model is based on a “Green House” model that other centers have successfully deployed in ranch houses or townhouses in suburban communities, but never in a high rise.

Jewish Home had previously struck an agreement with Gluck and Chetrit for a lot on West 100th Street, but zoning regulations made it difficult to build the site.

Meanwhile, Chetrit and Gluck get a large swath of land for future development, although the pair said they wouldn’t begin any construction on the site until the new Jewish Home facility is completed in 2017. [WSJ]


Related Articles

arrow_forward_ios
110 East 76th Street and Joseph Chetrit (Credit: Google Maps; Sylvain Gaboury/Patrick McMullan via Getty Images)

Joseph Chetrit sells UES townhouse for $25M

Joseph Chetrit sells UES townhouse for $25M
118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years

Manhattan luxury home market off to worst start in seven years
Joseph Chetrit and 98 Montague Street in Downtown Brooklyn (Credit: Getty Images and Google Maps)

Chetrit Group lands $112M refi for Hotel Bossert project

Chetrit Group lands $112M refi for Hotel Bossert project
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

Jacob Chetrit buying Daily News building from SL Green for $815M

Jacob Chetrit buying Daily News building from SL Green for $815M
Joe Chetrit revealed as buyer of SL Green’s 1231 Third Avenue

Joe Chetrit revealed as buyer of SL Green’s 1231 Third Avenue

Joe Chetrit revealed as buyer of SL Green’s 1231 Third Avenue
Lies in size: Commercial landlords get boost from increasing ‘loss factor’ and charging for unusable common spaces

Lies in size: Commercial landlords get boost from increasing ‘loss factor’ and charging for unusable common spaces

Lies in size: Commercial landlords get boost from increasing ‘loss factor’ and charging for unusable common spaces
Koch brother paid cash for Joseph Chetrit’s $40M mansion

Koch brother paid cash for Joseph Chetrit’s $40M mansion

Koch brother paid cash for Joseph Chetrit’s $40M mansion
Charles Kushner, Larry Silverstein, Joseph Chetrit and Steve Roth

Paydirt: ‘Twas a massive week for the city’s I-sales market. Here’s what went down

Paydirt: ‘Twas a massive week for the city’s I-sales market. Here’s what went down
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...