FBE Limited’s Yehoshua Fruchthandler has acquired a homeless shelter at 633 East 104th Street in Canarsie from Irving Langer’s E&M for $51.3 million. The care facility spans 86,763 SF.
- Acquisition financing: The buyer secured a $34 million loan from Signature Bank to close the deal.
- Dig Deeper: HealthCare Choices provides contract-funded medical and psychiatric services at this location, which is known as the Star Bright Family Residence. The organization works collaboratively with DHS (Department of Homeless Services), to help individuals and/or their families stabilize their medical and mental health as they transition to community housing and readjustment to civilian life.
- Flashback: E&M paid $12.5 million for the five-story property in 2004. [ACRIS]