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]