CareRite Centers pays $58.2M to Grand Healthcare for nursing facility in Whitestone

CareRite Centers through the entity Forbes Ventures LLC paid $58.2 million to Grand Healthcare through the entity Clearview Land LLC for the Grand Rehabilitation and Nursing at Queens specialty building (I6) at 157-15 19th Avenue in Whitestone, Queens and a parking lot (G7) across the street on 19th Avenue. The expected use is cash flowing.
The deal closed on April 28, 2026 and was recorded on June 24, 2026. The two properties have 47,000 square feet of built space and 10,169 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $1,237 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Grand Healthcare was Jeremy B. Strauss . The signatory for CareRite Centers was Mark Friedman . The contract date was February 1, 2026.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 157-15 19th Avenue.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer CareRite Centers purchased one property in one transaction for a total of $22.9 million and has no record it sold any properties over the past 24 months.
The seller Grand Healthcare had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Whitestone has 47,000 square feet of built space and 10,169 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 246 feet and is 136 feet deep with a total lot size of 37,200 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $8.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Whitestone, The bulk, or 27 percent of the 2.6 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Whitestone has the 38th highest sale turnover among other neighborhoods in Queens with $26.2 million in sales volume in the last two years. For development, Whitestone has had very little major development activity relative to other neighborhoods.It had 46,109 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 52,980 square feet of built space are specialty buildings, with office buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that CareRite Centers owned at least four commercial properties in New York City with 312,824 square feet and a PincusCo-determined asset value of $263 million. Within the portfolio, all identified are specialty properties. The bulk, or 90 percent of the built space, is in Brooklyn, with Queens next at 9 percent of the space.

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