St. Vincent's Dumping Dean Street Geriatric Center
In an effort to do something about its $700 million debt load, St. Vincent’s Medical Center is in the process of divesting itself of some non-core properties, including the Bishop Mugavero Center for Geriatric Care at 155 Dean Street in Boerum Hill. Both The Times and NY1 make it sound like a deal is in…
In an effort to do something about its $700 million debt load, St. Vincent’s Medical Center is in the process of divesting itself of some non-core properties, including the Bishop Mugavero Center for Geriatric Care at 155 Dean Street in Boerum Hill. Both The Times and NY1 make it sound like a deal is in place, but neither mentions a buyer or a price for the 135,000-square-foot building.
Mount Sinai Shows Interest in St. Vincent’s [NY Times]
St. Vincent’s To Sell Off Two Nursing Homes [NY1] GMAP
Photo from PropertyShark
Yes, St Vinny owns the building.
***Bid half off peak comps***
According to the Presidents of the Boerum Hill Association and Hoyt Street Association (sic), the plan to sell the business (don’t know about the building) to another medical group has been in the works for at least a few weeks. Mugavero’s current management expects they will continue business uninterrupted.
it would be a whole involved process to close a nursing home yes……but all this talk of it closing is how stupid rumors get started….based on almost no facts.
The hospital is bleeding money…..the nursing home is not..which is why nursing home worth real $$$ and could be used to raise cash for the hospital corp.
I’m not even sure the hospital owns the ‘building’ but it could but others just assume they own the structure and land and not just the operator.
Wouldn’t they need state approval to close down? Or do nursing centers not have certificates of need?
Pete, like BH said, I’m sure they’ll listen to anyone who has a plan – and the plan that will get money to SV fastest (i.e., not residential, likely $ wont come til approvals) will be the most attractive at this stage.
sell can mean selling the business. Lots of restaurants are for sale for example….that does not mean the building…means the fixtures, the name and the lease.
It would seem that an operating nursing home (relatively modern) with dependable cash flow in place lot more valuable than a vacant building that was not designed for apts/condos
which would need mega $$ to convert in a market where housing prices are not booming.
I think at this point St V is listening to anybody that wants to have a conversation – they are state sponsored life support.
Obvs the first group(s) that are going to be interested will be existing local hospital groups like Mount Sinai. They don’t have a lot of time to try to put together (another) 11th hour restructuring.
I’m no health care expert, and have no idea about this specific situations, but its my understanding that long-term care facilities are often a cash cow. I would imagine that one reason St V is shopping these two is they might be two of the more attractive properties they have to spin off.
But just guessing.
Yeah, ‘Hill and Pete. Looks like you got me on this one. Might be a bad example.
What would prevent them from just selling outside the medical market?
***Bid half off peak comps***
Jeebus, you are beyond dense BHO.
They are divesting of an operation. That does not automatically mean that the new (as yet unidentified) buyer will be building hotels or condos. It likely means another medical system will take it over.
St. V’s has to come up with some kind of plan quick. Don’t think NYS can keep pumping in $8M bridge loans to keep it going for another month.
Hopefully someone steps up to keep St V going; would be a shame if we had no west side hospital in Manhattan below 57th St.