Former Cabrini Medical Center complex fetches $80M in preliminary bidding

TRD New York /
Dec.December 07, 2009 02:30 PM

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]

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