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September 17, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Fieldhome sells portions of Yorktown campus for $28 million

The owners of Fieldhome, an assisted living, nursing and rehabilitation facility in Yorktown, said that two portions of the organization’s campus on Catherine Street were sold to Personal Healthcare LLC for $28 million.

“We are confident that Personal Healthcare and its owners represent values that are consistent with Fieldhome’s culture of dignity and respect as they share our mission, values and ethics,” said John R. Ahearn, Fieldhome’s CEO.

The sale includes The Seabury and Field Home Holy Comforter.

The Field Home Holy Comforter facility at 2300 Catherine St. features a 50-bed rehabilitation unit and a 75-bed long-term skilled nursing facility. The facility also offers an adult day care program and child care services. According to Fieldhome, that property sold for roughly $19 million.

The Seabury and Field Home Holy Comforter were sold to Personal Healthcare of Tarrytown. Photo by Aleesia Forni

Built in 2003, The Seabury is an 80-bed assisted living and memory support residence that provides “upscale accommodations,” according to the organization’s website. A Fieldhome official said The Seabury was bought  for approximately $9 million.

“Needless to say, it was a difficult decision,” Ahearn said. “Unfortunately, the way the tides are turning in the health care industry, it became critical for us, because as a standalone operation, we couldn’t foresee the ability to be able to meet the financial challenges ahead of us.”

Along with industry changes, Ahearn cited rising costs of maintaining the aging Fieldhome facilities.

“The combination of those things, it made sense for us” to sell Field Home and Seabury, Ahearn said.

Ahearn said Fieldhome aimed to find a buyer that would “maintain the beds, services and jobs in the community.” Ahearn added that there would be no displacement of residents as a result of the sale, and that the new owners would continue to operate the adult day care program and early learning center.

“We are excited with the opportunity to join the local community in northern Westchester and continue the great legacy of quality care provided by Field Home,” Personal Healthcare CEO Ephraim Zagelbaum said in a statement. “We are looking forward towards working together with the residents, families, staff and local community to ensure the highest level of resident-centered care and services is provided at all times.”

Personal Healthcare is based in Tarrytown and operates more than a dozen skilled nursing and rehabilitative care facilities in New York and Massachusetts. In a statement, the company said it aims to retain “as many of the Field Home Holy Comforter and The Seabury’s staff as possible,” adding that historically, the company’s facility acquisitions “have resulted in minimal turnover of staff members.”

Requests for further comment from Personal Healthcare were unreturned at press time.

Fieldhome, meanwhile, will continue to operate on the property, though in a different capacity. The organization has retained its executive office building, Field Hall, and will operate as the Field Hall Foundation, with Ahearn as its CEO.

Photo by Aleesia Forni

Proceeds from the sale of the Field Home and Seabury facilities will be used to provide grants to area programs that address the issues and needs of the elderly.

“We’re now in the process of organizing and ramping up the foundation so we can be able to hopefully make a grant later this year,” he said.

Ahearn said potential grantees could include caregivers, church groups, a senior center that hopes to provide new programming but lacks funding or longstanding organizations like Meals on Wheels.”

“There’s not an awful lot of foundations that are into geriatric support, and that’s particularly true in Westchester County,” he said. “This may prove to be a unique foundation in the sense that its primary purpose is going to be for geriatric care.”

Along with the office building, the organization has also maintained about 18 acres of land.

“At some point we may sell that land,” Ahearn said, adding that “right now, the plan is to get the foundation up and running.”