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Cabrini Building May Be Resold to For-Profit Operator, Remain a Nursing Home

CabriniStephen Rex Brown

A letter sent from Kenneth Fisher to local politicians indicates that the attorney’s client, Benjamin Shaoul’s Magnum Real Estate Group, may be close to reselling the property that houses the Cabrini Center for Nursing and Rehabilitation, which Magnum recently purchased for $25.5 million. With a new for-profit operator in the mix, the deal would allay fears that the building will be replaced by condos, and would help insure that it continue to be used as a nursing home.

The letter was sent on Wednesday to State Senator Daniel Squadron and other politicians who had earlier written to Mr. Fisher reiterating their position that “any future use of the building should retain nursing home beds on the Lower East Side.” In his response, Mr. Fisher indicated that on Dec. 6, he was advised by a lawyer representing Cabrini that an earlier plan to relocate the not-for-profit nursing home had fallen through, and the Center was now negotiating to be purchased by a for-profit operator that might also be able to purchase the building from Magnum. Read more…