Abraham Hoffman pays $40M for Flatbush nursing home

Abraham Hoffman through the entity 135 Linden Blvd LLC paid $40 million to New York Congregational Nursing Center through the entity New York Congregational Nursing Center for a nursing home (I6) at 135 Linden Boulevard in Flatbush, Brooklyn.
The deal closed on June 30, 2021 and was recorded on July 12, 2021.
The property has 103,450 square feet of built space and 80,062 square feet of additional air rights for a total buildable of 183,610 square feet according to PincusCo analysis of city data. The sale price per built square foot is $386 and the price per buildable square foot is $217 per the PincusCo analysis.
The signatory for New York Congregational Nursing Center was Kendall Christiansen.

This is a nursing home property. Abraham J. Hoffman through JHSL 135 Propco LLC, is a 50% owner of the entity that owns the building.
Within a 400-foot radius of 135 Linden Boulevard, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, three were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $2.1 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.3 million. The most recent of these three items was the temporary certificate of occupancy on November 5, 2020 for a 6,107-square-foot R-2 building with 15 residential units at 104 Linden Boulevard.
Of those eight items, five were loans above $5 million totaling $565.5 million. The most recent of the five was Moinian Group which borrowed $223.0 million from Bank of China secured by the 366,757-square-foot, 469-unit rental (D6) on 123 Linden Boulevard on June 17, 2021.

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