A former nursing home in Woodmere has been sold for $4 million to developers who plan to transform the site into a new assisted living and memory care facility, according to brokers on the deal.
The property, located at 130 Irving Place, will be redeveloped by new owner Esplanade Capital, a Manhattan-based real estate investment firm, into a 52,000-square-foot assisted living facility. The deal closed late last month.
“The use is one that is needed in the community and is going to be welcomed,” said Elli Klapper, first vice president of CBRE’s tristate area capital markets team.
The facility is planned to cater to the Jewish community, Klapper said.
The former nursing home at the site, Woodmere Rehabilitation & Health Care Center, relocated nearby to a larger, newly built location at 1050 Central Ave.
Charles Berger, Jay Gelbtuch, and Richard Karson of CBRE represented the seller, a private family trust, in the sale.