The Real Deal New York

Montefiore pays $209M for 24 parcels in Yeshiva medical merger

Under deal, medical center operates Albert Einstein College in the Bronx

September 22, 2015 06:00PM
By Rey Mashayekhi

Einstein College

The Price Center at Albert Einstein College of Medicine in the Bronx

The merger that saw Bronx-based Montefiore Medical Center assume operational control over Yeshiva University’s Albert Einstein College of Medicine is worth roughly $209 million, according to property records filed with the city Tuesday.

The deal, which closed Sept. 9, includes 24 parcels along Morris Park Avenue, Pelham Parkway South and Eastchester Road in the Bronx. Montefiore assumes operational authority and responsibility for Einstein College, while Yeshiva remains responsible for the medical school’s academic oversight, including the granting of degrees.

Montefiore did not respond to a request for comment. Yeshiva could not be reached for comment.

One-time trustee Bernard Madoff’s Ponzi scheme hit Yeshiva University hard, with the institution losing roughly $100 million in the scam. Yeshiva has offloaded numerous properties across the city as a result, selling 10 apartment buildings on its Washington Heights campus to investor Rubin Schron for $72.5 million last year.

The university also took out a 10-year, $175 million loan late last year to refinance five educational buildings in Manhattan.