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New York

Rudin closes on $260M purchase of St. Vincent’s main campus

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.

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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. In addressing local critics of the project who are still upset about loss of the hospital, the Rudins have pointed to their plan
to bring doctors and nurses to the new complex.

The Rudin family has obtained $525 million in financing to fund the
project.  Before the Rudin clan move forward, the plans still need approval from city regulators. [WSJ]

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Rudin Management