Russell Galbut’s Crescent Heights sells South-of-Fifth nursing home for $31M

Buyer financed the deal with a $39M loan

May.May 08, 2018 11:45 AM

Russell Galbut and 42 Collins Avenue

A Brooklyn buyer paid $30.75 million for a nursing home and rehabilitation center in the heart of South Beach, property records show.

Southpointe Heights LLC, an affiliate of the Miami-based development firm Crescent Heights, sold the four-story, nearly 63,000-square-foot South Pointe Plaza Rehabilitation and Nursing Center at 42 Collins Avenue to 42 Collins Avenue LLC.

The buyer, a Delaware company, is controlled by David Katz of Brooklyn. It financed the deal with a $38.7 million mortgage from VNB New York, a subsidiary of Valley National Bank.

The 230-bed facility, completed in 1970, sits on a 32,500-square-foot lot. It offers long-term care, wound care and physical, occupational, and speech therapy services, according to its website. It’s now called the Sands at South Beach and will remain open, according to a nursing home administrator. The buyer will renovate the property.

The building is about a block away from One Ocean, a luxury condo development by the Related Group, and is near Joe’s Stone Crab, the Continuum towers and Apogee South Beach.

Crescent Heights, led by developer Russell Galbut, listed the nearby building at 49 Collins Avenue that is home to Upland Miami for sale last year. The brokers marketing the property that said at the time they expected it to sell for up to $20 million.

Galbut’s firm is working on the Wave, a mixed-use project at 600 and 700 Alton Road, which will have 323 apartments, 63,000 square feet of commercial space and a clinic for Baptist Health South Florida that’s under construction. Last month, he offered the city of Miami Beach up to 4 acres of land in exchange for the ability to build a taller tower on a nearby site at 500 Alton Road.

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