Brooklyn-based adult care provider W Group signs $16M contract in Williamsbrige

The Borough Park-based W Group, led by Berry and Samuel Weiss, signed a contract in December 2020 that has been subsequently amended, to pay $16 million to Bronxwood Home for the Aged  for a 67,000-square-foot adult care building at 799 East Gun Hill Road in Williamsbridge, the Bronx.

The contract was disclosed in the process of Bronxwood Home for the Aged seeking permission from the NYS Attorney General to sell the property. And for an additional $2 million, the W Group is buying the adult care business.

According to the petition, the “Existing Operator is the operator of Bronxwood Home for the Aged, a 320- bed licensed adult home that includes a 177-bed assisted living program (“ALP”), located at 799 East Gun Hill Road, Bronx, NY 10467 (the “Facility”).”

An appraisal of the property made in 2020 describes the property like this: The subject consists of a 320-bed, 160-unit assisted living facility built in 1973. Four of the units are being used for storage, and four are being used as private rooms, with a total of 308 operating beds, as currently configured. The subject is licensed for a total of 177 assisted living program (ALP) beds, which are eligible for Medicaid to cover the assisted living services.”

According to a PincusCo analysis of the tax lot, the specialty building in Williamsbridge has 67,000 square feet of built space and 20,405 square feet of additional air rights for a total buildable of 87,450 square feet according to a PincusCo analysis of city data. The parcel has frontage of 119 feet and is 235 feet deep with a total lot size of 29,150 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $14.9 million.

According to the petition, the “Seller has retained Ribnitz Consulting as a broker in connection with the Contemplated Transactions and Seller shall be responsible for such broker’s commission and other fees due to such broker. Buyer represents to Seller that it has not utilized the services of a broker in connection with the Contemplated Transactions, for which the Seller shall have any obligation or responsibility… The Consultant is an independent third-party who will receive a commission of 4.5% of the purchase price.”
LINK

Direct link to the property’s ACRIS page and link to DOB NOW portal.