Rudin Management will turn the historic medical center into a walk-in emergency facility and hundreds of luxury apartments. The new facility will be operated by the North Shore-Long Island Jewish Health System. It's scheduled to open by the fall of 2013.
The sale was approved Thursday. The deal was announced last month.
Under the partnership, North Shore-Long Island Jewish will spend $110 million to transform the former hospital's O'Toole Building on Seventh Avenue into the 160,000-square-foot North Shore-LIJ Center for Comprehensive Care.
St. Vincent's was the city's last Catholic-affiliated hospital.
It filed for bankruptcy before closing in April 2010, citing a $1 billion debt.