Rudin Management Company, which since 2007 has been tying to buy the now-vacant campus of St. Vincent's Hospital in New York in order to build luxury apartments and townhomes, finally appears on the verge of being able to achieve that goal. A federal bankruptcy judge last Thursday approved the sale of the site to Rudin and the North Shore-Long Island Jewish hospital system for $260 million, according to the New York Times.
Initial plans in 2007 called for Rudin to buy the campus for $300 million for its townhomes, while St. Vincent's would have built a new hospital as part of the arrangement. Under the new deal, North Shore-L.I.J. now will build a 24-hour emergency care and walk-in surgery facility in a neighboring building set to open in fall 2013, should the plan be approved by the State Health Department.
Judge Cecilia Morris called the likelihood of an "equal or better sale opportunity" low in an emailed statement, according to an article posted on GlobeSt.com, despite an "alternative purchaser group" waiting in the wings willing to pay more than the agreed upon $260 million. That group--comprised of lawyer Dudley Gaffin, former City Council member Alan Gerson and Dr. Robert Adelman--opposed the agreed upon deal, saying that residents were not given the opportunity to express their concerns about what a new medical center would need.
In a released statement, North Shore-L.I.J. insists it will work with the community to "restore high-quality healthcare" to the area.
To learn more:
- read this New York Times piece
- check out this GlobeSt.com article
- here's a joint statement from Rudin and North Shore-L.I.J.