Joel Leifer pays $75M to Marx Development Group for nursing home in Flushing

Joel Leifer through the entity Union Plaza Snf Realty LLC paid $75 million to Marx Development Group through the entity Union Plaza Realty, L.P. for the Union Plaza Care Center nursing home building (I6) at 33-23 Union Street in Flushing, Queens. The expected use is cash flowing.
The deal closed on February 27, 2026 and was recorded on March 5, 2026. The property has 146,042 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $513 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 Marx Development Group was David Marx . The signatory for Joel Leifer was Joel Leifer. The contract date was August 6, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Joel Leifer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Marx Development Group had not purchased any other properties and had not sold any properties over the same time period. Commercial Observer reported on March 05, 2026 that Excelsior Care Group paid $75 million to Marx Development for 33-23 Union Street, Queens, NY.

The property

The specialty building in Flushing has 146,042 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 164 feet and is 107 feet deep with a total lot size of 21,685 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $52.6 million.

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 two DOB violations, $2,500 in ECB penalties, and $8,495 in OATH penalties 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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.2 times the average sales volume among other neighborhoods with $701 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.7 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 253,982 square feet of the 253,982 square feet. The two identified owners are Marx Development Group and S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 253,982 square feet of built space are specialty buildings, with elevator buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Marx Development Group owned at least 13 commercial properties with 408 residential units in New York City with 1,306,349 square feet and a city-determined market value of $298.3 million. (Market value is typically about 50% of actual value.) The portfolio has $1.1 billion in debt, with top three lenders as Mack Real Estate Group, Tel Aviv Stock Exchange bondholders, and Rialto Capital respectively. Within the portfolio, the bulk, or 44 percent of the 1,306,349 square feet of built space are elevator properties, with specialty properties next occupying 33 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Manhattan next at 37 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Leifer owned at least one commercial property in New York City with 123,140 square feet and a city-determined market value of $12.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Brooklyn.

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