Marcus & Millichap Brokers Sale of County Nursing Home in N.Y. for $4.05 Million

A county-run nursing home in New York was recently sold to a New York City corporation for $4.05 million in a transaction brokered by real estate investment services firm Marcus & Millichap. 

Essex County lawmakers voted 12-6 to sell the 100-bed Horace Nye Nursing Home to the Centers for Speciality Care of the Bronx, one of three bidders interested in the facility.

The nursing home loses more than $2 million a year, according to a Press Republican article

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“Governments should not be in the nursing-home business,” Roby Politi (R-North Elba) from the County Board of Supervisors is quoted as saying. “A more beneficial alternative exists: the savings of millions of dollars each year, as well as the infusion of $4 million to our budget, as well as putting the facility back on our tax rolls.”

Terms of the transaction include an approximately year-long transfer of ownership, and Speciality Care must agree to hire all current employees along with allowing current residents to remain in the facility if they wish to do so. 

The sale includes the building, lawn, and parking lot located on 3.2 acres of land.

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Written by Alyssa Gerace

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