Gluck, Chetrit instrumental in nursing home land swap

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.

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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]