Out of the ashes of bankruptcy and closure of the last Catholic acute care hospital in New York City, comes luxury condos and an emergency-medicine center to be run by the North Shore-Long Island Jewish Health System, the Wall Street Journal is reporting today:
And North Shore-Long Island Jewish Health System is putting up $100 million to renovate the O'Toole building on Seventh Avenue and turn it into a medical complex, with a 24-hour emergency medical department.
The Rudin family also will pay $10 million to North Shore-LIJ toward the building's renovation and between $5 million and $10 million to pay for a public park at the St. Vincent's triangle.
The deal must be approved by the bankruptcy court next month. But the hospital's board of directors and its creditors have signed off on it, St. Vincent's chief restructuring officer, Mark Toney, said.