North Shore-Long Island Jewish Health System won approval from a bankruptcy judge to acquire a landmark building from the now-shuttered St. Vincent's Catholic Medical Centers.
North Shore-LIJ given OK to acquire landmark building from St. Vincent's
The U.S. Bankruptcy Court for the Southern District of New York approved a plan for the health system to donate the landmark-designated O'Toole Building to North Shore-LIJ.
North Shore-LIJ agreed to invest $110 million to convert the building into an emergency and ambulatory service center. The Great Neck, N.Y.-based system will seek state approval to convert the 160,000-square-foot building into a free-standing emergency room, ambulatory and imaging-services center, said Terry Lynam, a spokesman for the system. The plans must also be approved by the New York City Landmarks Preservation Commission.
The North Shore-LIJ capital commitment includes $10 million donated by the Rudin family, which acquired St. Vincent's hospital campus for $260 million in cash as part of the deal approved by the bankruptcy court.
Steve Korf, a senior partner for restructuring at consulting firm Grant Thornton and St. Vincent's chief financial officer, said the deal is expected to close by Sept. 30 and would dispose of the system's largest asset. St. Vincent's closed its Manhattan hospital roughly one year ago after filing for bankruptcy.
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