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Helmsley-Spear/Valentine co-broker sale of campus.

Helmsley-Spear, Inc. and Valentine Associates, have co-brokered the sale of the Northeastern Bible College ('NEBC") in Essex Fells, New Jersey, to the Kessler Institute for Rehabilitation.

Don Kim, Helmsley-Spear broker, and John J. Valentine, president of Valentine Associates, served as exclusive agents. The 14.5-acre, cul-de-sac campus which includes six buildings was sold in a creative all-cash offering in excess of $2 million with a potential cash bonus to be paid conditional upon the Kessler Institute receiving certain zoning variances and and site plan approvals from the Essex Fells town government.

Plans for the site include the demolition of the main administration building to make way for a $10 million one-story residential building and 60-bed skilled nursing care facility for young adults with head trauma and spinal cord injuries.

In addition, the dormitory building will be converted to patient apartments for additional rehabilitation. The gymnasium will be made fully accessible, and an outdoor track and recreational field will be added for wheelchair sports as well as the enjoyment of area residents.
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Title Annotation:Valentine Associates; Northeastern Bible College in Essex Fells, New Jersey
Publication:Real Estate Weekly
Date:Feb 10, 1993
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