Nursing Home in Corona, Queens, Changes Ownership for $56.4 Million
In a significant real estate transaction, a nursing home located in Corona, Queens, has been sold for $56.4 million, as reported by city records released on Friday. The facility, known as Rego Park Health Care, is situated at 111-26, 111-20, and 111-16 Corona Avenue.
Details of the Transaction
The sale was conducted by Nelson Tuchman through his entity, Tuchman Associates II. The new owner, S&A Re Acquisitions LLC, is linked to Pinnacle Group of Hudson Valley, which operates in the healthcare sector. While Tuchman signed as the seller, the identity of the representative for the buyer remains unclear.
Unfortunately, the details surrounding the brokerage of this deal are also undisclosed, with attempts to reach Tuchman for comment unsuccessful. Additionally, representatives from S&A Re Acquisitions and Rego Park Health Care have yet to respond to requests for further information.
A Look Back at Rego Park Health Care
Rego Park Health Care has a long history, being family-owned and operated since 1972. In 2008, Tuchman acquired the six-story facility for a mere $3.3 million. It features 200 beds and offers a variety of rehabilitative services, including:
- 24-hour nursing care
- Vacation care
- Short-term rehabilitation
The facility’s location provides a scenic view overlooking Flushing Meadow Park, adding to its appeal.
Contextual Market Trends
This sale is part of a broader trend in the nursing home sector in Queens. In September, another nursing home in Far Rockaway changed hands, with Sentosa Care CEO Benjamin Landa selling his 183-bed facility for $47.3 million to executives Robert and Norman Rausman. This indicates a growing activity in the local healthcare real estate market.
As the future plans for Rego Park Health Care by S&A Re Acquisitions LLC remain uncertain, this transaction highlights the dynamic shifts within the healthcare property landscape in the area.
Contact Information
For follow-up queries regarding this transaction, you can reach Isabelle Durso at id****@co****************.com.
