A nursing home located in Corona, Queens, has been sold for a substantial $56.4 million, as per records released by the city on Friday.

The transaction involved the sale of the Rego Park Health Care facility, situated at 111-26, 111-20, and 111-16 Corona Avenue, which was formerly owned by Nelson Tuchman, represented through Tuchman Associates II. The new owner is S&A Re Acquisitions LLC, which operates from an address shared with the Pinnacle Group of Hudson Valley, a healthcare and hospital group.

Details of the Transaction

City records indicate that Tuchman signed the paperwork for the sale. However, the identity of the person who signed on behalf of the buyer remains undisclosed. Additionally, it is uncertain who brokered this lucrative deal.

Attempts to reach Tuchman for comments were unsuccessful, and a representative for S&A Re Acquisitions opted not to provide any statements. Meanwhile, queries directed to the Rego Park Health Care facility for insights on the acquisition went unanswered.

Historical Context

The facility was acquired by Tuchman in 2008 for merely $3.3 million. This six-story building hosts 200 beds and has been a family-operated establishment since its opening in 1972, according to its website. It overlooks Flushing Meadow Park and offers a range of rehabilitative services, including 24-hour nursing care and short-term rehabilitation programs.

Market Trends in Nursing Home Sales

The intention behind the new ownership of the Rego Park Health Care facility remains unclear. This sale follows another notable transaction in the Queens area where Sentosa Care’s CEO, Benjamin Landa, sold a 183-bed facility on New Haven Avenue in Far Rockaway for $47.3 million to nursing home executives Robert and Norman Rausman.