"The Wall Street Journal" reports that the Rudin family's Rudin Management Company, and Eyal Ofer's Global Holdings have closed the $260 million purchase of St. Vincent's Hospital's main Manhattan campus in Greenwich Village. They bought the property from the closed hospital's Chapter 11 estate.
Rudin Management raised $525 million for the $800 million project.
The Rudins and Eyal Ofer will renovate and redevelop the site. According to Ofer's spokesman, the project will included 200 condos, which will range from 80 square meters to 400 square meters in size, and five 1,200-square meter townhouses. Sources inform ''Globes'' that prices will be $1.2-12 million per apartment.
The "Wall Street Journal" adds that it will also include a health-care center with a standalone emergency room, and a new elementary school. Rudin donated the former hospital's O'Toole building to North Shore-Long Island Jewish Health Care System, which would run the neighborhood medical complex slated to open in 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on October 10, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011