N.Y. health care buyer acquires nursing, rehabilitation center

BUYER: Manatee River Real Property LLC (manager: Eugene Ehrenfeld), Brooklyn, N.Y.
SELLER: Advocare of Bradenton LLC and Daniel Mosca, as trustee of The Advocare Charitable Remainder Trust
PROPERTY: 105 E. 15th St. and 1521 and 1525 Second Ave. E., Bradenton
PRICE: $6.2 million
PREVIOUS PRICE: $1.51 million, September 1994
LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota

PLANS, DESCRIPTION:
A company led by Eugene Ehrenfeld of Brooklyn, N.Y., purchased the 110-bed Riverfront Nursing and Rehabilitation Center for $6.2 million.

The price equated to $77,531 per unit or $56,386 per bed.

The property features an 80-unit, 61,067-square-foot building on a 3.86-acre site. The community was built in 1950.

Riverfront Nursing and Rehabilitation Center ran into problems last year after its former operators were charged with Medicaid fraud. As a result, the facility's Medicaid funding was temporarily suspended for several months, which forced patients to move to other facilities.'