Senior Care Provider Elderserve Health Renews 15K-SF Lease at 1630 East 15th Street

Nonprofit Elderserve Health will continue to keep its offices at 1630 East 15th Street in Midwood, Brooklyn, tenant broker Cresa announced.

The nonprofit, which does business as RiverSpring Health Plans and moved into the space in 2020, signed a five-year lease to keep its 14,551-square-foot double suite on the building’s second floor, which serves as its general and executive offices for the Elderserve staff, according to a source with knowledge of the deal. 

Asking rent for the space was $45 per square foot. 

Elderserve is a long-term care provider that helps the elderly in the New York metropolitan area remain in their homes and live independently.

“This is an organization that provides both at-home health care and clinical services to seniors,” Cresa’s Bert Rosenblatt, who represented Elderserve with Peter Sabesan and Alex Gerome, said in a statement. “Working directly with the landlord’s rep, we were able to ensure Elderserve Health will remain in place for years to come.”

The office and retail building at 1630 East 15th Street, also known as Kingswood Center, sits between Kings Highway and Avenue P. It was previously owned by Urban Edge Properties, but Urban Edge missed payments on its $65.5 million commercial mortgage-backed securities loan in 2023 and the property was put into foreclosure that same year, PincusCo reported. In August, Urban Edge handed back the property to the CMBS trust led by Midland Loan Services and PNC Bank, according to PincusCo and a source.

Michael Taylor of Lincoln Property Company represented the landlord in the transaction. 

“The landlord is very pleased to be able to retain Elderserve and glad 1630 East 15th Street continues to attract and retain quality service and medical tenants in the south Brooklyn marketplace,” Taylor said in a statement. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.