St. Vincent's hospital
The City Planning Commission approved a luxury condominium development on the former site of St. Vincent’s Hospital, WNYC reported.
Developer Rudin Management requested the green light to build 450 condominiums and 11,000 square feet of retail space at the St. Vincent’s site at Seventh Avenue and Greenwich Avenue in Greenwich Village. The local community board and several groups opposed the project, saying it would be out of character with the neighborhood. [more]
Developer William Rudin said the “economics” of his company’s $1 billion conversion of the St. Vincent’s hospital campus into a 450-unit luxury residential development could not support affordable housing, as he came under fire from community officials for not doing enough to justify a requested rezoning of the Greenwich Village site.
Rudin, the CEO of Rudin Management, appeared today at the first public hearing in the uniform land use review procedure, or ULURP, to decide whether the developer can proceed with the controversial project, already four years in the making. [more]
Community Board 2 in Greenwich Village last night voted against a proposal to turn the former site of St. Vincent’s hospital into an emergency medical facility, luxury homes and retail, DNAinfo reported.
The board voted to urge the city to deny a bid to rezone the site in Greenwich Village unless the developers, Rudin Management, meet a number of requirements.
Among the board’s concerns are a possible jump in neighborhood density as a result of the proposed 450 residential units, as well as increased traffic that could result from the parking garage proposed for West 12th Street.
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A key state health planning agency approved the plans for a North Shore-LIJ emergency medical care facility on the former campus of St. Vincent’s Hospital, according to Crain’s, at a meeting on Thursday.
Amid protestors urging state health leaders to hold out for a full-service hospital, the New York State Public Health and Health Planning Council signed off on a 140,000-square-foot 24-hour urgent care center in the O’Toole building on Seventh Avenue in Greenwich Village. Next, the plan must be approved by the state health commissioner, which has already given some indication that it favors the plan, Crain’s said. Comments
The Rudin family has closed on its $260 million purchase of the former main campus of St. Vincent’s Hospital in Greenwich Village, the Wall Street Journal reported.
The Rudins had purchased the property from the closed hospital’s Chapter 11 estate. The completion of the sale, with the assistance of Eyal Ofer’s Global Holdings, will allow the Rudins to go forward with their plan to redevelop the site with a new health care center and condominiums, townhomes and a new elementary school. Rudin has donated the former hospital’s O’Toole building to North Shore-Long Island Jewish Health Care System, which would run the neighborhood medical complex, expected to open in 2014. [more]
The Rudin Family will launch sales at 130 West 12th Street, an uber-green prewar condominium in Greenwich Village, in November, the development company announced today. Closings are expected to begin in spring 2012.
“It’s unlike anything else on the market today,” said Samantha Rudin, partner in the Rudin family development and vice president of Rudin Management. “The ability to reside in a Greenwich Village pre-war building with both my family’s high level of service and the newest green technologies appeals to homebuyers.”
Stribling Marketing Associates is the exclusive sales and marketing agent for the 42-unit building. Prices will range from $1.395 million to $12.875 million.
Sotheby’s International Realty broker Steve Dawson called the development “a bellweather for that part of the village as that used to be an undesirable block because of the hospital, and also for the rest of the St. Vincent development since this is the first part to open.” — Katherine Clarke and Lauren Elkies
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From the September issue: The real estate market may be cyclical, but a look at the future of new development in New York suggests that the city isn’t in for a second condo boom — at least not yet. Recent headlines give the impression that the city is being hit by a wave of pricey new mega-condo projects. Here’s a sampling: “Penthouses at Extell’s One 57 ask $98.5 million”; “CIM to begin work at Drake Hotel site”; “Nouvel’s MoMA tower is back before city”; and “Two St. Vincent’s sites enter public review.” But many of the headline-worthy projects in the so-called pipeline are still several years off. And while there are projects in the more immediate pipeline, there are far fewer than there were even last year at this time. [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]
Development on the Midtown site of St. Vincent’s hospital is expected
to move forward next month, with the Chetrit Group planning
to turn the property into apartments, DNAinfo reported. Since the site,
at 415 West 51st Street, closed in the face of debt in 2007, it has accumulated numerous building violations. Residents say that
for at least two years, the building has attracted rats, that there is
smelly standing water, that scaffolding on the site lacked proper
lighting and that homeless people were spending time there. [more]
Just this morning, it was reported that 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. Now, that private developer is making strides towards getting a residential project off the ground at the site.
Proposed development plans were certified this afternoon by the City Planning Commission, marking the first step in the public review process for a mixed-use project by the Rudin family.
Rudin, which purchased St. Vincent’s property parcels in an area bound by 11th and 12th streets and Sixth and Seventh avenues for $260 million earlier this year, is proposing a 590,000-square-foot residential development with 450 units, 10,000 square feet of ground-floor retail, 20,000 square feet of medical offices, 15,000 square feet of public space and a 152-space parking garage at the site. [more]
