Orenstein Senior Building Sold For $28 Million
The Real Deal reported last night that the Orenstein Building at 15-17 Bialystoker Place, a senior affordable housing facility, was recently sold for $28 million to an undisclosed buyer. The 11 story building is operated by the United Jewish Council of the East Side.
On Tuesday, Heshy Jacob, UJC board chairman, told us the 127 unit affordable housing tower would continue to operate for the next 30 years. He said any redevelopment of the site could not occur before that time. Due to rules established by the federal Department of Housing and Urban Development, Jacob said, all of the profits from the sale must be funneled back into additional affordable housing in the city.
The senior housing complex sits on a quiet block across from Luther Gulick Park the the Hillman Co-op. It’s sandwiched between the Bialystoker Synagogue and the New Eastside Nursing Home. The lot is zoned R8, meaning a mid- to-highrise building would be permitted on the parcel.