St. Vincent's Closer to Sale of Former Hospital

Officials are waiting on bankruptcy court judge's approval

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    NEWSLETTERS

    TK
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    NEW YORK - APRIL 07: hospital employees walk by St. Vincent's Hospital on April 7, 2010 in New York City. On Tuesday the board of St. Vincent Catholic Medical Centers voted to close the hospital following its unsuccessful search to find a way out of its estimated $700 million of debt. The Westside hospital, which has served Manhattan for 160 years, may retain some of its services like an urgent care facility. (Photo by Spencer Platt/Getty Images)

    A bankruptcy judge is moving closer to allowing the sale of the former home of St. Vincent's Hospital Manhattan, which is located in prime real estate in the heart of Greenwich Village.

    St. Vincent Catholic Medial Centers, which declared bankruptcy and closed earlier this year, announced Wednesday their desire to hire real estate firm CB Richard Ellis Inc. to try to sell the buildings, reports The New York Times. 

    Officials from the hospital group will ask the United States Bankruptcy Court to approve the firm's hiring. 

    The property includes eight buildings and first made real estate news in 2007, when Rudin Management Company brokered a deal to pay $300 million for the buildings. Their plan was to build houses and apartments by converting or demolishing many of the buildings. St. Vincent's planned to then build a new hospital across the street, but many preservationists and neighborhood activists spoke out against the deal.

    The Rudin organization said they are still interested in the site, and also said it would like to see a health facility in buildings in addition to the residential units.

    In August, former employees of St. Vincent's filed a lawsuit alleging hospital executives mismanaged funds and contributed to the hospital's demise. The suit sited a $278,000 golf outing and $104 million on other, unsepcified expenses.