"Healthcare services are among a short list of recession-proofindustries," says David Oropeza, EVP of the Livingston, NJ-basedGebroe-Hammer Associates, who represented the seller and procuredbuyer 55 Holding. "That makes this investment opportunity quiteattractive."


The property dates back to the 1920s, and its architecturereflects that era. It was initially built as a luxury hotel, butits original owners subsequently converted it to a long-term andsub-acute care facility. Its bed count also includes 36one-bedroom, eight two-bedroom and three three-bedroom apartments,and the new owners plan to build a new atrium entrance, accordingto Oropeza.

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