Townhouse Property Group Sells Queens Rehab Center for $44M
By Celia Young February 10, 2023 5:21 pmreprints
A Hillcrest, Queens, rehabilitation center has new owners.
Townhouse Property Group sold the alcohol and drug rehab facility at 159-05 Union Turnpike to Even Pine Union Propco, which shares an address with health care investment firm Aurora Health Network, and two other entities for $44 million, according to property records made public Friday.
Aurora bought an 89 percent stake in the 79,800-square-foot building while Union Propco TIC Member I and Union Propco TIC Member II purchased the remaining 11 percent in a deal that closed Feb. 3, according to property records.
The sale comes after Aurora purchased the center’s operator, Cornerstone Treatment Facilities Network, for an undisclosed sum in December, according to a press release from Cornerstone.
Townhouse first bought the 176-bed facility between Parsons Boulevard and 162nd Street for $10 million from Saint Vincent’s Catholic Medical Centers of New York in 2005, and later refinanced the building with a $32 million loan from Dime Community Bank in 2020, PincusCo Media reported.
B6 Real Estate Advisors‘ Thomas Donovan arranged the transaction.
Before Aurora purchased the building, Aurora co-founder Josh Landau and Cornerstone CEO and President Thomas Puzo struck a deal for Landau to buy 90 percent of Cornerstone’s business operations, covering the facility at 159-05 Union Turnpike and one other at 500 Milan Hollow Road in Rhinebeck, N.Y., while Puzo kept a 10 percent stake, according to the New York State Office of Addiction Services and Supports (OASS).
With the purchase of the property, Aurora now owns most of the facility’s operations and real estate, as well as investments in a handful of other health care businesses.
Aurora and Cornerstone did not immediately respond to requests for comment. It’s unclear who brokered the sale.
Celia Young can be reached at firstname.lastname@example.org.