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Rudin Mgmt Closes on $260M Acquisition of St. Vincent's Hospital

591,000-SF Property Purchased in Chapter 11 Sale
October 5, 2011
Through Chapter 11 Bankruptcy, the former main campus of St. Vincent’s Hospital at 7-15 Seventh Ave. in New York, NY sold to Rudin Management Company, Inc. for $260 million, or approximately $440 per square foot.

The 590,660-square-foot health care facility was constructed in 1930 and renovated in 2003 in the Hudson Square submarket of Manhattan. It is located on 2.25 acres in the Hudson Square submarket of Manhattan.

The buyer intends to redevelop the site with a new health care center, residential complex and a school. The Rudin Family has donated the hospital's O'Toole building to North Shore - Long Island Jewish Health Care System, which is expected to operate the neighborhood medical complex when it opens sometime in 2014.

According to CoStar data, CBRE represented the seller, Saint Vincent's Catholic Medical Centers of New York. Eyal Ofer's Global Holdings assisted the buyer in the sale.

Please see CoStar COMPS #2188453 for more information on this transaction.

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