Robert Rausman affiliate pays $47.2M to Benjamin Landa for Premier nursing home in Far Rockaway

The Monsey-based entity 2241 New Haven LLC, with signatory Robert Rausman, paid $47.2 million to Benjamin Landa through the entity New Surfside Realty LLC for the Premier Nursing and Rehab Center of Far Rockaway at 22-41 New Haven Avenue in Far Rockaway, Queens.
The deal closed on August 29, 2024 and was recorded on September 16, 2024. The nursing home has 49,021 square feet of built space and 29,775 square feet of additional air rights for a total buildable of 66,327 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $963 and the price per buildable square foot is $712 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 the buyer was Robert Rausman, and for the seller was Benjamin Landa.

Benjamin Landa was targeted in a 2022 New York State Attorney General lawsuit related to nursing homes.  The buyer entity is at the Monsey address of Norman Rausman, who owns stakes or has management in four nursing homes.

The PincusCo database currently indicates that Benjamin Landa owned at least three commercial properties 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. Lands owns 3400 Cannon Place, Kingsbridge Heights, 660 Louisiana Avenue, East New York and 71-44 Yellowstone Boulevard, Forest Hills.

The property

The first parcel has frontage of 169 feet and is 228 feet deep with a total lot size of 29,242 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 $6.6 million.
The first parcel has frontage of 157 feet and is 182 feet deep with a total lot size of 23,820 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 $1.5 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 $1,000 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 Far Rockaway, The majority, or 65 percent of the 12.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Far Rockaway has the 25th highest sale turnover among other neighborhoods in Queens with $58.5 million in sales volume in the last two years. For development, Far Rockaway has 1.2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On the tax block of 2241 New Haven Avenue, PincusCo has identified the owners of two of the six commercial properties representing 96,310 square feet of the 208,678 square feet. The two identified owners are Vincent Ragosta and Goldmont Realty.
On the tax block, there was one new building construction project filed totaling 20,172 square feet. It is a 26-unit, 20,172 square-foot residential (R-2) building submitted by Aharon Steinberg with plans filed September 17, 2021 and permitted April 25, 2023.

The majority, or 77 percent of the 208,678 square feet of built space are elevator buildings, with specialty buildings next occupying 23 percent of the space.

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