Cabrini Medical Center
Update (5:37 p.m.) The $83.1 million disposition of the former Cabrini Medical Center, located in the Gramercy Park area at 217 East 19th Street between Second and Third avenues, is complete, according to Grubb & Ellis, which represented Cabrini. The buyer, SKI Realty, an affiliate of Memorial Sloan-Kettering Cancer Center, said it will renovate the 400,0 [more]
The Memorial Sloan-Kettering Cancer Center has made an $80.1 million bid on the former home of the Cabrini Medical Center, which closed last year at its Gramercy-area location between East 19th and East 20th streets between Second and Third avenues. Sloan-Kettering’s bid is a last-minute move for an auction slated for Thursday, one that tops the second-place bidder, developer J.D. Carlisle, by just $100,000. These bids for the 450,000-square-foot property still fall short of what Cabrini owes its creditors by 44 percent. Another medical center may soon be up for grabs as well — as was reported today, St. Vincent’s Hospital could face closure.
The former site of bankrupt Cabrini Medical Center has drawn a
preliminary $80 million bid from residential developer JD Carlisle, according to real estate blog Black Swan, but broker
Vincent Carrega of Grubb & Ellis, who is handling the sale, is hoping
for a much higher sum come its planned mid-January auction. Cabrini,
whose five buildings sat between Second and Third avenues and 19th and 20th streets, closed in March 2008 and filed for bankruptcy
this summer. It will need 44 percent more in order to pay off its
creditors, and Carrega said he is hopeful about its prospects after
the October auction of two Queens hospitals fetched 50 percent more
than the starting bid. Grubb & Ellis filed a motion Friday in the
Bankruptcy Court for the Southern District of New York to approve the
bidding procedure, the details of which will be discussed at a Dec. 16
hearing. Carrega said the property drew 14 preliminary bids, and that JD Carlisle’s $80 million was the highest amount offered. [Crain's]
Real estate investors and New York’s leading health care organizations are actively reviewing the prospects of acquiring three hospital sites in New York City. Offers for sale or net lease on the complex are due Thursday for the most sought-out hospital site, the Cabrini Medical Center. The property is located within the heart of the Gramercy Park section of Manhattan between Second and Third avenues with frontages on the north side of East 19th Street and the south side of East 20th Street. The U.S. Bankruptcy Court has retained Grubb & Ellis New York to offer the medical center for sale. The property consists of five buildings totaling 452,600 square feet of gross building area, with 367,700 square feet of total zoning floor area. The five buildings are built and operated as a single complex of buildings interconnected at various levels. With the exception of two of the buildings, the properties can be acquired individually. [more]
Last Thursday, Gramercy Park’s Cabrini Medical Center filed for Chapter 11 bankruptcy protection, leaving a valuable asset for the taking. The medical center closed its doors March 17, 2008 and the following day, the 338-bed hospital handed over its 60 hospice beds to Saint Vincent Catholic Medical Centers. Cabrini was one of the five hospitals in New York City slated for closure in 2006 by the Berger Commission on Health Care Facilities. After the hospital shuttered a year ago, the facility provided ancillary health services like inpatient medical/surgical, psychiatric and rehabilitation services, and was a state-designated AIDS center. Over the past two years, Cabrini was in negotiations with Saint Vincent’s to buy two of its buildings, Crain’s reported. The most important asset of the bankrupt medical center is its 18-story hospice located at 227 East 19th Street between Second and Third avenues. Sun Life Assurance Company of Canada holds a $35.1 million first mortgage on the building. [more]
