Stephen Rex Brown The new owner of the building that houses Cabrini Center for Nursing and Rehabilitation has failed to come to terms with a potential new operator of the nursing home, increasing the likelihood that it will close when its lease expires in April.
Kenneth Fisher, an attorney representing Magnum Real Estate Group, which bought the building at Avenue B and Fifth Street late last year, said that negotiations to resell the building to a for-profit nursing home operator fell apart earlier this week. “On Sunday, we believed there was an agreement on the price,” he said. “On Tuesday, they had walked back from the agreement.” He added, “We’re disappointed that the transaction wasn’t reduced to a written contract.”
Michele deMilly, a consultant for Cabrini who is authorized to speak for the company, confirmed that a deal is no longer in the works: “Yesterday we heard that Magnum, meaning Ben Shaoul, was no longer negotiating with the prospective new operator of the nursing home facility on that site – he had terminated all negotiations – and that Cabrini was going to proceed with their closing plan.” Read more…
