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First Piece of Bankrupt St. Vincent's Hospital Up for Sale

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A few weeks after the board of St. Vincent's Hospital voted to close the place down and sell or lease some of its real estate to satisfy hospital creditors, the first piece of St. Vincent's is on the market, the Times reports. That's 555 Avenue of the Americas, also known as Staff House. Actually, the hospital already has a contract from Taconic Investment Partners to buy the building for $48 million, but St. Vincent's is keeping that offer in its back pocket while it sees whether it can get more for the 180,000-square-foot building, which has 178 apartments and a parking garage. The medical residents and staff who live in the building are supposed to move out by the end of June (except for a few rent-stabilized tenants), and the St. Vincent's folks are thinking it could become condos, rentals, or a dorm. And, of course, that wouldn't be the only new residential building coming St. Vincent's way.
· St. Vincent's Hospital to Put Building on Market [NYT]
· St. Vincent's coverage [Curbed]