The Mount Sinai Medical Center is considering taking an interest in St. Vincent's Hospital in Greenwich Village, according to an article in today's edition of The New York Times by Anemona Hartocollis.
The article reported that Dr. Kenneth L. Davis, the president of Mount Sinai attended a quarterly meeting yesterday of the medical staff of St. Vincent's and said that "a deal had not been completed and that Mount Sinai would probably have to resurrect St. Vincent's medical residency program, which the hospital had been phasing out," adding that St. Vincent's "existing buildings would either be renovated from top to bottom or sold off."
The article also noted that officials asked "residents who have been job-hunting to delay any moves to other hospitals for two or three weeks, in the hope that a deal could be completed."
"Some of those involved in the search for a partner said that despite St. Vincent's financial problems -- it is $700 million in debt -- the hospital had some robust programs, like obstetrics, gynecology and orthopedics, as well as a cancer center, which could make it attractive to a partner," the article continued.
St. Vincent's had been planning to expand by selling most of its properties on the east side of Seventh Avenue between 11th and 12th Street to the Rudins, who planned to develop residential condominiums there, and erect a new hospital on the site of the Edward & Theresa O'Toole Building that was originally erected for the National Maritime Union on the other side of the avenue. The plan met with considerable opposition from nearby residents and some preservationists.
The article in The Times also said that "Wednesday, St. Vincent's announced that it had signed letters of intent to divest operations at two nursing homes, Bishop Mugavero Center for Geriatric Care and Holy Family Home, in Brooklyn; and at Pax Christi Hospice."
The article reported that Dr. Kenneth L. Davis, the president of Mount Sinai attended a quarterly meeting yesterday of the medical staff of St. Vincent's and said that "a deal had not been completed and that Mount Sinai would probably have to resurrect St. Vincent's medical residency program, which the hospital had been phasing out," adding that St. Vincent's "existing buildings would either be renovated from top to bottom or sold off."
The article also noted that officials asked "residents who have been job-hunting to delay any moves to other hospitals for two or three weeks, in the hope that a deal could be completed."
"Some of those involved in the search for a partner said that despite St. Vincent's financial problems -- it is $700 million in debt -- the hospital had some robust programs, like obstetrics, gynecology and orthopedics, as well as a cancer center, which could make it attractive to a partner," the article continued.
St. Vincent's had been planning to expand by selling most of its properties on the east side of Seventh Avenue between 11th and 12th Street to the Rudins, who planned to develop residential condominiums there, and erect a new hospital on the site of the Edward & Theresa O'Toole Building that was originally erected for the National Maritime Union on the other side of the avenue. The plan met with considerable opposition from nearby residents and some preservationists.
The article in The Times also said that "Wednesday, St. Vincent's announced that it had signed letters of intent to divest operations at two nursing homes, Bishop Mugavero Center for Geriatric Care and Holy Family Home, in Brooklyn; and at Pax Christi Hospice."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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