Court approves St. Vincent’s sale to Rudin, North Shore-LIJ

April 07, 2011 06:04PM

The U.S. Bankruptcy Court for the Southern District of New York approved the $260 million sale of the Saint Vincent Catholic Medical Center in Manhattan to the Rudin family and North Shore-LIJ today, paving the way for a new emergency response medical center and a mixed-use residential project on Seventh Avenue in Greenwich Village. The Rudin family takes over the portion of St. Vincent’s on the east side of Seventh Avenue where it will develop 590,000-square-foot residential property. Rudin’s plans call for the complex to contain 250 to 300 residential units. Meanwhile, North Shore-LIJ gets the O’Toole building on the west side of the avenue where it intends to renovate the building into “North Shore-LIJ Center for Comprehensive Care,” a $110 million, five-story medical facility. Kenneth Eckstein, a partner at Kramer Levin Naftalis & Frankel LLP that provided legal counsel to St. Vincent’s, said the hospital “sought a creative solution to its debt issue that would enable it to successfully resolve its bankruptcy case, as well as maximize real estate values with a commitment to creating a new healthcare center for the neighborhood it so proudly served for many decades.” Reports in December said CB Richard Ellis was marketing the property for St. Vincent’s, but the firm was not immediately available for comment. TRD

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