Parke Leatherman Of Lockhill Properties Acquires Nursing Home In Manhattan For $3.5M

The property asset involved in this transaction is a nursing home located at 327 East 17th Street in Manhattan, which sold for $3,500,000. The building has a total square footage of 7,392 and a price per square foot of $473. This six-story elevator building was originally constructed in 1992 as a nursing home and residential medical treatment facility. The property was subsequently closed and delivered vacant, as the purchaser plans to undertake a comprehensive gut renovation to reposition it as a traditional multifamily rental building.

Summary of transaction details:

• Property Type: Nursing Home
• Transaction Amount: $3,500,000
• Address: 327 East 17th Street
• Market: Manhattan
• Square Footage: 7,392
• Price per Square Foot: $473
• Buyer: Parke Leatherman - Lockhill Properties
• Seller: Vincent Tammaro - Mt Sinai Beth Israel
• Brokers: Craig Waggner, John Ciraulo & Jack Stephen - Cushman & Wakefield

The deal involves key individuals, including Parke Leatherman from Lockhill Properties as the buyer and Vincent Tammaro from Mt Sinai Beth Israel as the seller. The transaction was facilitated by the brokerage group of Craig Waggner, John Ciraulo, and Jack Stephen, representing Cushman & Wakefield.