From left: City Council Speaker Christine Quinn, Bill Rudin and St. Vincent's Hospital
The New York City Council voted to approve the Uniform Land Use Review Procedure actions required to move forward on Rudin Management’s residential development at the site of the former St. Vincent’s hospital in the West Village, according to a statement today from Rudin. [more]
From left: St. Vincent's Hospital and Bill Rudin, managing partner at Rudin Management
As predicted, Rudin Management has made a number of concessions in its bid to build luxury apartments on the former St. Vincent’s hospital site, including a reduction of the number of units planned, from 450 to 350, DNAinfo reported. The City Council’s land use committee hashed out the agreement with Rudin today, according to a statement from the City Council, DNAinfo said. [more]
Fudin Management Managing Partner William Rudin and the proposed St. Vincent's development
Opponents and supporters of the proposed luxury condominium development on the former site of St. Vincent’s Hospital by Rudin Management flooded a City Council room at 250 Broadway at 9:30 this morning. They were there to have their say in what was the final public hearing the City Council will hold before deciding the fate of the rezoning of the St. Vincent’s East Campus for the project. [more]
City Council Speaker Quinn
Rudin Management will likely agree to last minute concessions in order to push through its bid to build 450 luxury condominiums on the former St. Vincent’s Hospital site in the West Village, Crain’s reported, but affordable housing will not be included in the deal.
Sources told Crain’s that City Council Speaker Christine Quinn will “extract a few last extras from Rudin worth millions of dollars,” including a compromise of some sort regarding a public park on the site. Rudin is also expected to provide funding for local public schools. [more]
Bill Rudin and 130 West 12th StreetThe 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. [more]
William Rudin and the St. Vincent’s Hospital siteThe Rudin family’s $800 million redevelopment of the St. Vincent’s Hospital site is one step closer to a reality. According to the Wall Street Journal, Rudin Management obtained $525 million in construction financing and can begin construction once the government approval process, already underway, is complete.
The relative ease with which the Rudin’s cleared the financing obstacle given today’s tight lending environment was surprising, the Journal said. Bank of America, JPMorgan Chase, Bank of New York Mellon and M&T Bank contributed to the loan.
But that last hurdle, government approval, could be the highest. [more]
Residents of Greenwich Village got a first look at plans for a large park on the triangle of land that used to be part of St. Vincent’s hospital, DNAinfo reported.
At a recent community board meeting, landscape architect Rick Parisi, of M. Paul Friedberg and Partners, presented the plans for a proposed 15,102-square-foot park with more than 600 seats, 31 trees and 4,861 square feet of plantings on the St. Vincent’s Triangle at Seventh Avenue between Greenwich Avenue and West 12th Street.
Residents had mixed reactions to the park. One said she thought the design was “extremely generic” and that she wanted it to reflect the unique character of the neighborhood. [more]
St. Vincent’s Hospital is the subject of an investigation by the Manhattan district attorney’s fraud unit over accusations that it purposely allowed its finances to slip so it could be sold to a private developer, the New York Post reported. Investigators are examining significant payments to top executives at the hospital, sources said.
“This was a well-thought-out plan,” said Tom Shanahan, a lawyer for a group of former St. Vincent doctors and nurses that is suing the hospital. “They wanted out and had to justify it to the state. They were running it into the ground.”
Former hospital CEO Henry Amoroso oversaw the excessive spending, which led to $1 billion in debt and bankruptcy. If not for the bankruptcy, state officials would not have allowed the hospital to close, sources told the Post. [more]
Community activists opposing the Rudin family’s proposed takeover of the St. Vincent’s Hospital campus in Greenwich Village dropped their court appeal without ever appearing before a judge. According to the Wall Street Journal, the activists, led by former City Council member Alan Gerson, will pursue less costly options. The group had appealed a Bankruptcy Court ruling in April that approved the sale of the campus, on Seventh Avenue between 12th and 13th streets, to Bill Rudin for $260 million. [more]
The first of St. Vincent’s Medical Center’s creditors has begun receiving payments, as the bankrupt facility begins to sell off portions of its property, according to Crain’s. Sun Life Assurance has received around $2.5 million from the sale of 555 Sixth Avenue, better known as the hospital’s “Staff House.” [more]
