Jack Deutsch pays $31M for College Point nursing home

Jack Deutsch through the entity Woodcrest Property LLC paid $31 million to Michael & Pola Tenenbaum Trust through the entity Davis Subtrust, LLC for the the nursing home building at 119-09 26th Avenue in College Point, Queens, that is occupied by the Woodcrest Rehabilitation & Residential Health Care Center.
The deal closed on March 7, 2022 and was recorded on March 28, 2022.The property has 76,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $407 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Michael & Pola Tenenbaum Trust was Otto Weingarten, Henry Schon, Israel Tyberg, Breindy Melnicke, and Denise Davis Roz. The signatory for Jack Deutsch was Jack Deutsch. This property is currently the Woodcrest Rehabilitation & Residential Health Care Center. Jack Deutsch is listed as the owner or partial owner of several rehabilitation and nursing centers.  He is part of the Deutsch family which owns and operates the CFW Group, an informal group of separate facilities in New York.

The property

The 119-09 26th Avenue parcel has frontage of 298 feet and is 156 feet deep with a total lot size of 43,058 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $9 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In College Point, the bulk, or 47 percent of the 21.6 million square feet of commercial built space are 1-4 family buildings, with industrial buildings next occupying 24 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $198.6 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 54,375 square feet of commercial and multi-family construction under development in the last two years, which represents 0.25 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 123,687 square feet of built space are specialty buildings, with 1-4 family buildings next occupying 39 percent of the space.

Surrounding

Within a 400-foot radius of 119-09 26th Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Kamali Organization bought the 80,703-square-foot industrial (I6) on 119-19 Graham Court and one other property for $11 million from Robert Schwartz on February 25, 2020.
One of those two items was a loan which Kamali Organization borrowed $6.8 million from Lakeland Bank secured by the 80,703-square-foot industrial (I6) on 119-19 Graham Court and one other property on February 25, 2020.

Direct link to Acris document. link