Court approves sale of St. Vincent's

April 8, 2011 8:04:39 AM PDT
A bankruptcy court has approved the sale of St. Vincent's Greenwich Village campus to one of New York's most powerful real-estate families for $260 million.

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.