The Real Deal New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

Oxford Nursing Home buys again after parting with Red Hook dev site
By Mary Diduch | February 26, 2019 02:00PM

From left: 2832 Linden Boulevard, 452 Fort Washington Avenue, 50-68 West Fordham Road (Credit: Google Maps)

1.) The Health Insurance Plan of Greater New York, now EmblemHealth, sold a one-story medical building at 2832 Linden Boulevard in Brooklyn for $11.3 million. The buyer was Barry Braunstein’s Oxford Nursing Home, which recently parted with a development site in Red Hook for $12.9 million. Oxford had wanted to build a nursing home at 141 Conover Street, but the City Council shut down its proposal. Meanwhile, HIP had held its facility, the Lindenwood location of AdvantageCare Physicians, for decades, property records show.

2.) A six-story, 54-unit Hudson Heights apartment building traded for $18.26 million to 52 Partners LLC, which property records link to Bayrock Inc.’s Behrooz Hedvat, a Great Neck-based investor. Meanwhile, Piermount Court LLC was the seller behind the approximately 65,000-square-foot property, located at 452 Fort Washington Avenue. The buyer landed $12.1 million in financing, including a roughly $8.2 million gap mortgage, from Connecticut-based Ellington Financial Management.

3.) Comjem Associates Ltd. sold a one-story retail property at 50-68 West Fordham Road in the Bronx for $11.5 million. Jonathan Wiener’s Chestnut Holdings was the buyer, securing $6.85 million in financing from Signature Bank for the deal. It’s not the only retail-related transaction from Chestnut of late. In May, the real estate investment and management firm dropped $55.2 million for a retail portfolio that consists of 19 low-rise retail properties through the Bronx, Yonkers and Brooklyn.