Nursing Home Investor Snatches Up Queens Senior Living Facility for $49M

reprints


A nursing home investor picked up the Castle Senior Living facility in Forest Hills, Queens, for $49.5 million, property records show.

Avi Lustig, under the firm Waldron Street Owner, purchased the two-building senior living facility at 108-15 Horace Harding Expressway and 108-25 Horace Harding Expressway from  Midway Company, Bayberry Capital Group and Hi-Tech Pharmacal in a deal that closed Sept. 13, according to property records made public Tuesday.

SEE ALSO: Six Rent-Stabilized Buildings Sell in the Bronx for $34M

Midway, Bayberry and Hi-Tech have owned the buildings — which include a single-story, 19,008-square-foot property at 108-15 Horace Harding and a seven-story, 56,725-square-foot asset at 108-25 Horace Harding — since 1997, according to property records.

It’s unclear what Lustig plans to do with the assisted living and memory care facility, and he has not filed any permits with the New York City Department of Buildings

The deal isn’t Lustig’s first foray into senior living. He previously worked as an administrator for his father’s retirement home, the Lakeside Manor Home for Adults on Staten Island. However, Lakeside faced complaints from neighbors over noise and public intoxication from its residents in 2018, the Staten Island Advance reported.

Lustig could not immediately be reached for comment. Castle Senior Living, Lakeside Manor Home, Bayberry Capital and Hi-Tech Pharmacal did not immediately respond to requests for comment.

Celia Young can be reached at cyoung@commercialobserver.com.