Conversion or Tear Down for Troubled Park Slope Senior Home?
After years of lawsuits and changing ownership, the assisted living facility at 1 Prospect Park West that was a Building of the Day has announced it will shut down in 90 days, NBC reported. The owners said they cannot afford an increased tax bill. If the current owner, which appears to be real estate firm The…
After years of lawsuits and changing ownership, the assisted living facility at 1 Prospect Park West that was a Building of the Day has announced it will shut down in 90 days, NBC reported. The owners said they cannot afford an increased tax bill.
If the current owner, which appears to be real estate firm The Copper Group, decides to sell, we’re sure developers will leap at the chance to bid on the extra-prime property, located in Park Slope across the street from Prospect Park and the Brooklyn Public Library. It last traded for $40,097,437 in 2006.
As property values in Brooklyn rise dramatically, churches, businesses and homes — anywhere a double wide or bigger plot can be assembled — are quickly giving way to apartment towers. This 1925 Classical Revival building is not landmarked; the recently expanded Park Slope Historic District ends right at the nursing home’s property line.
As for the current residents, a reader told us, “residents and their families and caretakers are terribly upset at the abruptness of it all.”
Photo by Nicholas Strini for PropertyShark
From the DAILY NEWS: Prospect Park Residence executive director David Pomerantz said in a statement that the decision to close “was not an easy one.”
Management and the building owner have been battling “escalating costs” for the past five years and a tax increase of nearly $1 million this year has made the facility too expensive to run, according to the statement.
“Today, despite its best efforts, Prospect Park Residence is no longer viable,” said Pomerantz.
The facility has vowed to help relocate tenants and assist employees in finding another place to work.
The state Department of Health approved the plan to close the full service assisted living center last week.
Elected officials are calling on Haysha Deitsch, the owner of the nine-story building, to stop the closure.
Deitsch could not immediately be reached for comment.
Read more: http://www.nydailynews.com/new-york/brooklyn/seniors-booted-park-slope-nursing-home-due-closure-plan-article-1.1713275#ixzz2vEC017yy
That building is on the prime of prime location. Whatever it will become is going to be very expensive.
I wonder how much of that mismanagement can be traced to the fact that the building is owned by a real estate group, whose interests are not served by running it as a profitable institution?
A good neighborhood needs more things than luxury housing.
Wow, 90 days?? No wonder residents and families are upset. I’m surprised there isn’t some kind of law requiring a much longer time for assisted living residents. I’m sure it’s not easy or quick to find another appropriate place with space available.
Wait till you do the math on the savings gap for the aging population, that will give even a healthy young adult a heart palpitation. People want access to medical care and services like this assisted living home, but no one looks at the tax hikes, utility expenses that grow on a compounding basis every year and want the right to sue anyone who may or may not have mistreated a patient or senior citizen. That kinda crap gets expensive fast. And this is definitely a move to optimize return on the property, but that is capitalism.
The building will remain because, according to PropertyShark, it is 41k square feet overbuilt. No developer is going to throw that SF down the toilet.