Former Bialystoker Nursing Home sold for $18M

A condo conversion is rumored
September 12, 2015 04:00PM

The former Bialystoker Nursing Home building at 228 East Broadway has sold for just under $18 million.

The landmarked property sold along with the adjoining Dora Cohen Memorial Park and an office building at 232 East Broadway in July, according to the Lo Down NY. The new owner is an LLC called “Five Star 228 East Broadway Development.”

The financially troubled nursing home closed in 2011 after serving the neighborhood for more than 80 years. At the time, the then board president and real estate developer Ira Meister purchased the building for $1.5 million, prompting an investigation by the Attorney General. The AG eventually forced Meister to return the building to the nursing home.

In 2013, it sold for $28 million. 

And after a length battle by preservation activists, the Lower East Side building was landmarked the same year. However, the parcels on either side of the building are not protected.

According to Curbed, there are rumors of a condo conversion. [LoDownNY | Curbed]Christopher Cameron