The Real Deal New York

Stribling opens sales office at Rudin’s St. Vincent’s conversion

November 07, 2011 10:10AM

Bill Rudin and 130 West 12th Street
The first fruit of William Rudin’s labor at the site of the St. Vincent’s hospital site is set to blossom today, when Stribling Marketing Associates opens the on-site sales office for the condominium conversion at 130 West 12th Street, adjacent to the main campus, the Wall Street Journal reported.

The building should open next spring, according to Rudin, three years before the 203-foot tall, 450-unit development on the actual site of the main hospital.

Rudin signed a contract to purchase the 12-story building, between Sixth and Seventh avenues, from the struggling hospital for $55 million in 2007. (Rudin also vowed to provide funding for a planned new hospital, where he would also be permitted to develop condos.) St. Vincent’s was desperate for capital after emerging from a bankruptcy, and over the next three years it moved medical and administrative offices and staff apartments out of the building.

When it first opened in 1941, 130 West 12th Street was a 116-unit apartment building. Rudin commissioned Cook + Fox Architects to return the building to its original function and build 42 units. Some of the units have unusual features, including sunken living rooms, and there are a handful of duplexes and ground-floor apartments with rear yards. The priciest unit is a $12.85 million penthouse converted from four rooftop apartments. Stribling now has a list of 200 potential buyers waiting for appointments at the sales office.

The units are priced from $1.4 million to $12.85 million, or about $2,000 per square foot. [WSJ]