Woodmere, NY The CBRE team of first vice president Elli Klapper, first vice president Charles Berger and associate Jay Gelbtuch, working together with executive vice president Richard Karson from the Long Island office, completed the sale of a former nursing home and rehabilitation center located at 130 Irving Place. The investment sales team arranged the $4 million transaction on behalf of the seller and procured the buyer, Esplanade Capital, which plans to retrofit the existing property and create a best-in-class assisted living facility and memory care center.

“CBRE was tasked with finding the ideal buyer that maximized the value of this unique asset in Woodmere. Through our research and market expertise, we found that there was a strong demand for an assisted living facility in Woodmere, especially one that catered to the specific religious needs of this affluent area,” said Klapper. “Esplanade Capital immediately recognized the redevelopment potential of 130 Irving Pl. During negotiations, we were able to aid both parties involved to navigate through an extremely complicated fee simple interest transaction.”

130 Irving Place is a 51,629 s/f, three-story property that sits on a 36,721 s/f lot. The CBRE team represented the seller, Alexander Eisenberg, and procured the buyer.