Hudson Valley Pinnacle Group Buy Queens Nursing Home

Another Queens nursing home traded hands this week, leaving questions about what the future holds for the property.

Nelson Tuchman has sold the 55,000-square-foot facility at 111-26 Corona Avenue in Corona to an entity that shares an address for $56.4 million with Pinnacle Group in Hudson Valley. Tuchman paid only $3.3 million for a 200-bed property in 2008.

Tuchman was unable to reach a comment, but the apparent Pinnacle Group affiliate representative declined to comment to the observer.

Pinnacle Group is incorporated in Maine and owns facilities in and around the state. In 2020, we agreed to buy two properties in the Portsmouth, New Hampshire area before the start of the pandemic.

According to its website, LEGO Park Healthcare facilities have been family-run and operated for over 50 years. The nursing home offers 24-hour nursing care, vacation care and short-term rehabilitation.

Nursing homes are an interesting play for real estate investors. Occupancy tends to be strong, with the US increasingly aging population. This means that demand for spots at such facilities may continue to increase.

Last year, Sentosa Care CEO Ben Landa sold the 183-bed facility at 22-41 New Haven Avenue in the Queens area for $47.3 million in the Queens area of ​​Rockaway. Landa also bought the 49,000-square-foot facility in 2016 for just $3 million, like Tuchman, and the 49,000-square-foot facility through the new Surfside Realty Platform.

However, changes, or struggles in nursing homes, can lead to messy headlines.

Earlier this year, Bent and Avi Philipson placed a 588-unit nursing home facility into Chapter 11 Bankruptcy Protection after struggling to meet weekly wages at Woodbury Real Estate. They attempted to “emergency evacuate” their property, putting hundreds of residents at risk of evacuation.

– Holden Walter Warner

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