Hospitals sign short-term leases at St. Vincent

Mount Sinai Medical Center and St. Luke’s-Roosevelt Hospital Center are entering into short-term leases with the bankrupt Saint Vincent Catholic Medical Centers for clinic space at its O’Toole Building On Seventh Avenue, between 12th and 13th streets, in the West Village. The lease agreements provide for a fixed rent of $26.15 per square foot annually, plus operating expenses of $36.26 per square foot, Crain’s reported. To ensure that the lease agreements don’t hold up a sale of the property, they are terminable with 90 days written notice after Nov. 30. If the tenants fail to move out, the rent gets hiked by 100 percent. [Crain’s]