[EVG file photo]
New York City Comptroller Scott Stringer is examining the de Blasio administration's decision to lift deed restrictions on the Rivington House, a move that netted the nursing home operator a $72 million profit off the property's sale to condo developers, The Wall Street Journal reports. (Subscription required.)
Per the Journal:
In early 2015, the Allure Group, a for-profit nursing care provider, purchased the building for $28 million, and months later paid the city $16.15 million to remove the restrictions that limited the building’s use, records show.
About three months after the city lifted the restrictions, Allure sold the building for $116 million to a residential developer that plans to convert it into luxury condominiums, over the objections of some community leaders.
Officials in the mayor’s office and at the Department of Citywide Administrative Services, the agency that lifted the deed restriction, had understood at the time that the property would be turned into a for-profit nursing home, Austin Finan, a spokesman for Mr. de Blasio, said Tuesday.
[The Wall Street Journal]
Here's more from The Lo-Down, who has been following this story, from back on Feb. 29.
The building is at 45 Rivington St., which overlooks Sara D. Roosevelt Park on the Lower East Side.
Previously on EV Grieve:
What next then for 45 Rivington St.?
Report: Developers buy former LES nursing facility for luxury housing