Bankruptcy Court Green Lights Sale of St. Vincent's Hospital Center
NEW YORK (CBSNewYork/AP) -- A bankruptcy court has approved the sale of St. Vincent's Greenwich Village campus to one of New York's most powerful real-estate families for $260 million.
Rudin Management will turn the historic St. Vincent's Hospital into a walk-in emergency facility and hundreds of luxury apartments. The new facility will be operated by the North Shore-Long Island Jewish Health System. It's scheduled to open by the fall of 2013.
The sale was approved Thursday. The deal was announced last month.
Under the partnership, North Shore-Long Island Jewish will spend $110 million to transform the former hospital's O'Toole Building on Seventh Avenue into the 160,000-square-foot North Shore-LIJ Center for Comprehensive Care.
The Rudin family also has promised to build a neighborhood school on 17th Street and renovate a public park at the corner of Greenwich Street and Seventh Avenue.
St. Vincent's, the city's last Catholic-affiliated hospital, filed for bankruptcy before closing in April and laying off more than 1,000 employees, citing a debt topping $1 billion. Its remaining assets -- including several nursing homes -- are being sold to pay creditors.
Health-care activists say the plan leaves Manhattan's Lower West Side without a top-level trauma center.
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