45 Rivington Sold for Whopping $116M to Chinese Developer, Condo Conversion on the Way
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There are many historic Lower East Side buildings that are destined for condos, even if that’s not the current function. Case in point, 45 Rivington Street. It’s a sad precedent when the services that aid a community are pushed to the periphery. And so another such facility has fallen into the greedy hands of luxury.
The Rivington Center for Nursing and Rehabilitation at 45 Rivington Street was just acquired by a Chinese development company for a whopping $116 million. A massive ten-fold profit for former owner Allure Group.
VillageCare had previously owned the 150,000 square-foot facility, but ceased operations as nursing home for AIDS patients in 2014. City records show that the Allure Group, a for-profit nursing-care provider, purchased the property last November for $16.15 million. (For the transaction to go through, the city nulled the 1992 requirement that the property to operate as a non-profit health care facility.)
So, this cash-out to China Vanke Co. will result in a condo conversion of the 1898 beauty. The triumvirate of developers will eventually carve out roughly one hundred upper crust apartments.
Per the Wall Street Journal, which broke news of the resale:
The U.S. unit of China Vanke Co., together with Slate Property Group and Adam America Real Estate, paid $116 million for 45 Rivington St. The group plans to convert the 118-year-old building, designed by Charles B.J. Snyder as a grammar school, into luxury condominiums, according to Martin Nussbaum, co-founder of Slate.
Mr. Nussbaum, of Slate, said the venture plans to convert the building, which was built in 1898 and overlooks Sara D. Roosevelt Park, into about 100 apartments. The Lower East Side, which has a rich history as a home for successive waves of immigrants, lately has become a hot real-estate market.
Meanwhile, an EV Grieve reader who was a onetime patient at the facility noted the following of the premises: “The building is incredible with 12-foot ceilings and a penthouse floor that has a view from the UN to all of Midtown and Downtown. I knew it was doomed to have developers all over it from the first day I got there.”