Marx Development Group Sells Brooklyn Nursing Home for $40M
By Celia Young July 25, 2022 5:56 pm
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Marx Development Group sold the 188-bed nursing home at 660 Louisiana Avenue in East New York, Brooklyn, for $40.4 million to a firm tied to health care operator Benjamin Landa, according to property records made public Monday.
Landa’s Spring Creek SNF Realty bought the building from an entity tied to Marx with $41 million in debt from Dwight Mortgage Trust, including a $16.2 million gap mortgage, according to property records. It was not immediately clear who brokered the sale or the financing, which both closed at the end of June.
Landa also owns a 49 percent interest in 660 Louisiana’s current tenant, Spring Creek Rehabilitation & Nursing Care Center, which operates the four-story facility at the corner of Twin Pines Drive and Louisiana Avenue. He’s invested in a variety of nursing homes in New York since 1987 with business partner Bent Phillipson — with a somewhat spotty track record.
Phillipson and Landa have faced a handful of legal issues over the last few years relating to allegations over their facilities’ quality of care and treatment of workers. In 2019, a federal judge found that one of their centers, Cold Springs Hills Center for Nursing & Rehabilitation in Long Island, N.Y., “knowingly benefited” from labor that violated the federal Trafficking Victims Protection Act after it used financial penalties to force more than 200 underpaid Filipino nurses to keep working, Newsday reported. The nurses won a $1.56 million payout in the case last year, Bloomberg reported.
Dwight and a representative for Landa did not immediately respond to requests for comment. Marx Development Group declined to comment.
Celia Young can be reached at cyoung@commercialobserver.com.
