RiseBoro Sells Brooklyn Skilled Nursing Facility for $59M

The 240-bed Buena Vida Continuing Care and Rehabilitation Center provides long-term care and short-term rehabilitation.
Buena Vida Continuing Care and Rehabilitation Center. Image via Google Street View

RiseBoro Community Partnership has sold Buena Vida Continuing Care and Rehabilitation Center in Brooklyn, N.Y., for $58.8 million, public records show. Entities affiliated with TL Management and Fortis Business Holdings purchased the 240-bed skilled nursing facility and received $40 million in acquisition financing from People’s United Bank.

Located at 48 Cedar St., the eight-story building is within walking distance of several public transit stations and is less than a mile from both Wyckoff Heights Medical Center and NYC Health + Hospitals/Woodhull. Completed in February of 2001, the facility provides long-term care and short-term rehabilitation through on-site attending physicians and consultant specialists, round-the-clock registered nurses and rehabilitation therapy. Buena Vida residents have access to beautician and barber services, daily newspaper delivery, volunteer programs and religious services.

In early 2020, RiseBoro Community teamed with Gotham Org. for a massive waterfront project in Queens, N.Y. The joint venture received $445 million in construction financing for a development that is slated to deliver more than 1,100 units in a 33-story tower and an adjacent 56-story tower in Long Island City.