Joel Leifer, Constance Leifer sign $72.4M refi for nursing home in Canarsie

Joel Leifer and Constance Leifer through the entity River Manor Corp. as borrower signed a refi loan with lender First American Capital Group valued at $72.4 million for the Atrium Center for Rehabilitation & Nursing, a specialty building (I6), at 611 East 103rd Street in Canarsie, Brooklyn.
The deal closed on December 11, 2024 and was recorded on January 22, 2025. The prior lender was CIBC Bank which held debt that had an original loan amount of $70 million.

The property has 123,140 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $587 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 Joel Leifer and Constance Leifer was Constance Leifer. The signatory for First American Capital Group was John P. Berry. Disclosures for Atrium Center for Rehabilitation & Nursing.

The property

The specialty building in Canarsie has 123,140 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 259 feet deep with a total lot size of 47,500 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $12.9 million. The most recent loan totaled $70 million and was provided by Canadian Imperial Bank of Commerce on May 26, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has 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 Canarsie, The bulk, or 28 percent of the 11.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Canarsie has had very little sales volume relative to other neighborhoods with $76.8 million in sales volume in the last two years. For development, Canarsie has had very little major development activity relative to other neighborhoods.It had 145,615 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 130,700 square feet of the 180,200 square feet. The two identified owners are Excelsior Care Group and Allied Realty & Development.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 180,200 square feet of built space are specialty buildings, with retail buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Leifer owned at least one commercial property in New York City with 10,000 square feet and a city-determined market value of $546,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single M1 property. It is located in Bronx.

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