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Gramercy Hospital Will Sell 24-Story Residential Building to Counter Losses

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The 156-apartment building is home to the hospital's medical residents

Mount Sinai Beth Israel hospital has decided to sell a 24-story building that's part of its Gramercy Campus, after posting losses for two consecutive years, Crain's reports. The hospital is looking to sell Gilman Hall, which could go for as much as $80 million. The building is made up of 156 apartments and houses the hospital's medical residents.

Those residents will now be moved to buildings in Stuyvesant Town, or apartments near Mount Sinai West. The losses posted by the hospital in recent years have prompted fears that it may be forced to downsize, which in turn will impact residents in the neighborhood who have already seen the closure of St. Vincent's Hospital and Cabrini Medical Center in recent years.

Listing Gilman Hill might be an indication of that or hint to the possibility that the hospital is moving its residents to serve one of its six other locations in Brooklyn, Queens, and Manhattan. A representative for Mount Sinai told Crain's only that "Mount Sinai is 100% committed to serving the community and offering the highest level of patient care," and that the hospital "will enhance existing services and develop new facilities in the Beth Israel community."

It's likely that an eventual sale of the building will lead to the creation of apartments as was seen after the sale of St. Vincent's Hospital, and the ongoing conversion of the Long Island College Hospital site in Cobble Hill, Brooklyn.