Fortis Property Group affiliate, TL Management pay $58.8M for healthcare property in Bushwick

UPDATED June 19, 2023, 1:00 p.m.: Louis Kestenbaum’s Fortis Business Holdings, which is affiliated with Fortis Property Group, along with TL Management, through the entity 48 Cedar Street LLC paid Buena Vida Corporation $58.8 million for the Buena Vida Rehabilitation & Nursing Home nursing home at 48 Cedar Street, in Bushwick, Brooklyn. The deal closed on May 5, 2020, and was recorded on May 6, 2020. The transaction consists of 1 parcel, including the tax class nursing home (I6). The property is 131,650 square feet.
The average sale price per square foot is $446.

The 45,000-square-foot land parcel has a large vacant area and an existing healthcare facility. Fortis Business Holdings, an affiliate of Fortis Property Group, will own and operate (in partnership with others) the property. There is a restriction on the deed that requires the building to be used as a licensed skilled nursing facility healthcare facility for at least seven years. The sale to Fortis was approved by the NYS Public Health and Health Planning Council in 2018. The contract was signed May 16, 2018. In February, Fortis submitted an application with the DOB to divide the parcel into two tax lots, 1 and a new lot, 5. That has not taken affect yet.

Correction: An earlier version of this post did not include TL Management as an additional buyer, and incorrectly identified the seller as an affiliate of the nonprofit RiseBoro Community Partnership.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link