"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."

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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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