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

Buyer financed the deal with a $39M loan

Miami /
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.


Related Articles

arrow_forward_ios
Douglas Cramer and 40 La Gorce Circle in Miami Beach (Getty, Google Maps)
“Brady Bunch” producer sells La Gorce Island mansion for $23M
“Brady Bunch” producer sells La Gorce Island mansion for $23M
320 W Dilido Drive, Miami Beach (Google Maps)
AquaBlue developer buys Venetian Islands teardown for $12M
AquaBlue developer buys Venetian Islands teardown for $12M
Oribe Canales (right) and Chris Paciello with the North Bay Road home (Getty)
Oribe’s estate sells Miami Beach home to nightlife mogul
Oribe’s estate sells Miami Beach home to nightlife mogul
1420 West 23rd Street with Rony Seikaly and Todd Glaser (Seikaly via Getty; Glaser by Mary Beth Koeth)
Todd Glaser, Rony Seikaly sell waterfront Sunset Islands mansion to VC investor
Todd Glaser, Rony Seikaly sell waterfront Sunset Islands mansion to VC investor
Randy Frankel and One Ocean (Getty)
Tampa Bay Rays co-owner Randy Frankel sells PH at Related’s One Ocean in South Beach
Tampa Bay Rays co-owner Randy Frankel sells PH at Related’s One Ocean in South Beach
2204 North Bay Road (Felipe Ariano, Google Maps)
Former hedge funder sells waterfront North Bay Road mansion for $20M
Former hedge funder sells waterfront North Bay Road mansion for $20M
Phil Gutman with Bess Freedman and Mark Zilbert (Linkedin, Freedman by Studio Scrivo)
Phil Gutman leaves Brown Harris Stevens Miami
Phil Gutman leaves Brown Harris Stevens Miami
Peter Thiel with 445 to 441 East Rivo Alto Drive (Getty)
PayPal co-founder Peter Thiel revealed as buyer of Miami Beach mansions
PayPal co-founder Peter Thiel revealed as buyer of Miami Beach mansions
arrow_forward_ios

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

Loading...