Kew Garden Hills nursing home sells for $22.9M

Affiliates of CareRite Centers, David Katz, Julie Lichtenstein, and Teddy Lichtenstein through the entity Meadow Park CR TIC LLC paid $22.9 million to Benjamin Landa, Theodore Pollack, Helen Webster, Anne Gottlieb, and Michael Netzer for the nursing and rehabilitation Meadow Park Rehab building (I6) at 78-10 164th Street in Kew Garden Hills, Queens. The expected use is cash flowing.
The deal closed on August 8, 2025 and was recorded on September 5, 2025. The property has 31,236 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $733 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 Benjamin Landa , Theodore Pollack, Helen Webster , Anne Gottlieb , and Michael Netzer was Benjamin Landa, Theodore Pollack, Helen Webster, Anne Gottlieb, and Michael Netzer. The signatory for CareRite Centers , David Katz , Julie Lichtenstein, and Teddy Lichtenstein was Mark Friedman and David Katz. The contract date was August 8, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer CareRite Centers had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Benjamin Landa had not purchased any other properties and sold one property in one transaction for a total of $4.2 million over the same time period.

The property

The specialty building in Kew Garden Hills has 31,236 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 93 feet deep with a total lot size of 17,933 square feet. The lot is irregular. The zoning is R3-2 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 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 not received any significant violations 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 Kew Garden Hills, The bulk, or 36 percent of the 4.1 million square feet of commercial built space are walkup buildings, with specialty buildings next occupying 24 percent of the space. In sales, Kew Garden Hills has the 36th highest sale turnover among other neighborhoods in Queens with $25.8 million in sales volume in the last two years. For development, Kew Garden Hills has had very little major development activity relative to other neighborhoods.It had -12,653 square feet of commercial and multi-family construction under development in the last two years, which represents -0.31 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 31,236 square feet on the block.The identified owner is Teddy Lichtenstein.
There are no active new building construction projects on this tax block.

All properties are specialty.

The seller

The PincusCo database currently indicates that Benjamin Landa owned at least three commercial properties in New York City with 292,890 square feet and a city-determined market value of $84.9 million. (Market value is typically about 50% of actual value.) The portfolio has $89.4 million in debt, with top three lenders as Dwight Capital, BOK Financial, and Peapack-Gladstone Bank respectively. Within the portfolio, all identified are specialty properties. The bulk, or 46 percent of the built space, is in Bronx, with Brooklyn next at 43 percent of the space.
The PincusCo database currently indicates that Helen Webster owned at least one commercial property in New York City with 80,844 square feet and a city-determined market value of $11.2 million. (Market value is typically about 50% of actual value.) The portfolio has $13.8 million in debt, borrowed from Housing & Healthcare Finance, LLC. The portfolio consists of at least a single specialty property. It is located in Bronx.

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 city-determined market value of $52.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are specialty properties. The bulk, or 90 percent of the built space, is in Brooklyn, with Queens next at 10 percent of the space.
The PincusCo database currently indicates that David Katz owned at least two commercial properties with 62 residential units in New York City with 280,741 square feet and a city-determined market value of $70.2 million. (Market value is typically about 50% of actual value.) The portfolio has $52.5 million in debt, borrowed from Apple Bank for Savings. Within the portfolio, the bulk, or 89 percent of the 280,741 square feet of built space are hotel properties, with specialty properties next occupying 11 percent of the space. The bulk, or 89 percent of the built space, is in Manhattan, with Queens next at 11 percent of the space.
The PincusCo database currently indicates that Julie Lichtenstein owned at least one commercial property in New York City with 31,236 square feet and a city-determined market value of $7.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Queens.
The PincusCo database currently indicates that Teddy Lichtenstein owned at least one commercial property in New York City with 31,236 square feet and a city-determined market value of $7.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Queens.

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