Appraisal of Foley nursing home lower than sale price
The proposed $36-million sale of the John J. Foley Skilled Nursing Facility would bring in $1 million more than the latest appraisal released Monday estimates that the 264-bed Yaphank complex is worth.
Michael Haberman Associates of Mineola, valuing the nursing home as a "going concern," put the real estate's worth at $27.1 million, the furnishings and equipment at $2.1 million, and nursing home business at $5.7 million.
The appraisal came on the eve of the first of two required legislative hearings to consider the sale to private operator Kenneth Rozenberg. A showdown vote is expected Aug. 17.
"This will dispel any insinuation that the administration was manipulating the value," said County Executive Steve Levy, adding that the appraisal "puts us further down the road" toward approval of the sale to "help prevent a major tax increase" or 750 layoffs.
Levy proposed the sale to help close the county's budget gap, claiming it will net $20 million in cash and $50 million in savings over the next five years. Legislative analysts put the net sale benefit at $15.6 million and the five-year savings at $16.5 million to $21 million.
Legis. Jon Cooper (D-Lloyd Harbor), the majority leader, said Levy is at least three votes short of the 12 needed to sell the complex, and claimed Levy's "bullying tactics" have hurt his bid to win votes.
Three legislators oppose the sale - Jack Eddington (I-Medford), Kate Browning (WF-Shirley) and Vivian Viloria-Fisher (D-East Setauket). Two more, Thomas Muratore (R-Ronkonkoma) and DuWayne Gregory (D-Amityville), are opposed but say the are reviewing data. Legis. Edward Romaine (R-Center Moriches) has recused himself since his wife works there.
Undecideds include Presiding Officer William Lindsay (D-Holbrook), Cooper, Wayne Horsley (D-Babylon) and Jay Schneiderman (I-Montauk), though he now said he is leaning to backing a sale given sluggish sales tax and the appraisal.
Sale supporter Thomas Barraga (R-West Islip) said the appraisal "gives credibility" to the sale price after Rozenberg said it would cost $60 million to rebuild the complex.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
