Low-Income NYC Nursing Home Building Sells for $25.5 Million

The East Fifth Street building of the largest senior care home in New York City’s East Village recently sold for $25.5 million, according to papers filed through the NYC Department of Finance, Office of the City Register, obtained through The Lo-Down.

The future of Cabrini Center for Nursing and Rehabilitation, a non-profit with 240 beds for low-income seniors, has been uncertain as its lease is set to expire in April 2012. The center is sponsored by the Missionary Sisters of the Sacred Heart of Jesus.

The members of a local community board pleaded with the attorneys of the building’s buyers in a letter dated Oct. 20 to extend Cabrini Center’s lease, reports The Lo-Down.

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“This nursing home regularly maintains 97 percent occupancy and is able to sustain a positive cash flow even as other facilities close due to overwhelming financial challenges,” reads the letter. “The need for nursing home beds locally is already dire, and we cannot sustain a loss of the 240 beds at C.C.N.R., the largest facility in this community.”

The timeline of plans to build a new facility in partnership with the Archdiocese of New York is an estimated five years, according to The Lo-Down, and despite talk of relocation to the Seward Park Urban Development Area, no plans for a new building have been made public.

The seller is listed as “64 B Venture” with an Ann Arbor, Mich. address, and the property was sold to “MM 62-74 Avenue B Owner, LLC,” a Delaware limited liability company with a New York, NY address. The sale was made on Nov. 15, 2011, and the document was prepared on Nov. 21; the sale contract date is listed as June 3, 2011.

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The sellers’ signatures included those of Lewis Henkind and David B. Simpson, co-executors of the estate of Sol Henkind, a General Partner, and Susan Cameron, the personal representative of the estate of Jacob W. Friedman, also General Partner.

View the sale filing papers here.

Written by Alyssa Gerace