Long Beach Medical Center goes bust, property to be acquired

South Nassau Communities Hospital to purchase facility's real estate and operating assets

New York /
Feb.February 20, 2014 04:45 PM

Long Beach Medical Center, heavily damaged by Superstorm Sandy and in the red even before the floodwaters struck, filed for Chapter 11 bankruptcy protection Wednesday.

The hospital reported revenue of $55 million for the 12 months prior to Sandy, but expenses were $59 million. The facility has since invested millions on repairs and hasn’t reopened as a full-service hospital since sustaining damage from the storm.

South Nassau Communities Hospital will acquire all the real estate and operating assets of the hospital and its affiliated nursing home — the Komanoff Center — at their appraised value, Crain’s reported. Long Beach Medical, which reported $21 million in assets and $48 million in liabilities oas of Dec. 31, also borrowed $1.5 million from South Nassau a few weeks before the bankruptcy filing.

South Nassau will continue to pursue FEMA funding to restore Long Beach’s facilities, but whether the center will reopen as a hospital remains unclear. The 200-bed Komanoff, which has about 100 residents, will continue to operate. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
Photo via NYCEDC
NYC floats $5B coastline extension in Lower Manhattan climate plan
NYC floats $5B coastline extension in Lower Manhattan climate plan
Fairway at 480-500 Van Brunt Street in Red Hook and the O’Connell Organization's Greg O’Connell (Credit: Google Maps)
Fairway landlord: Private-equity owners ruined Red Hook store
Fairway landlord: Private-equity owners ruined Red Hook store
Mayor Bill de Blasio and subway damage caused by Hurricane Sandy (Credit: Getty Images)
Program to rebuild Sandy-damaged homes needs extra $92M
Program to rebuild Sandy-damaged homes needs extra $92M
Army Corps of Engineers Commander Lt. Gen. Todd Semonite and flooding caused by Hurricane Sandy in 2012 (inset) (Credit: Getty Images)
A $119B seawall still might not protect Manhattan, critics say
A $119B seawall still might not protect Manhattan, critics say
Plans for NYC’s storm-surge barrier raise environmental concerns
Plans for NYC’s storm-surge barrier raise environmental concerns
Plans for NYC’s storm-surge barrier raise environmental concerns
Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more
Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more
Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more
Coney Island Hospital moves forward with $738M renovation plan
Coney Island Hospital moves forward with $738M renovation plan
Coney Island Hospital moves forward with $738M renovation plan
After Sandy, buildings flood city’s most vulnerable neighborhoods
After Sandy, buildings flood city’s most vulnerable neighborhoods
After Sandy, buildings flood city’s most vulnerable neighborhoods
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...