The emerging deal would keep the Harlem institution open, and save another city hospital from completely closing its doors.
Under the agreement, the hospital would file for bankruptcy and cease to function in its current form as an acute care hospital.
The hospital would close its doors by this Friday.
Neighboring hospitals, including Mount Sinai, St. Luke's, New York-Presbyterian, Harlem and Metropolitan, are expected to pick up the community's acute care hospital and emergency room needs.
The hospital would then reopen as an expanded primary care facility.
The main hospital building would be converted into a skilled nursing facility