Volume 80, Number 27 | December 2 - 8, 2010
West and East Village, Chelsea, Soho, Noho, Little Italy, Chinatown and Lower East Side, Since 1933
St. Vincent’s looks to market former Village hospital campus
St. Vincent’s Catholic Medical Centers is seeking to retain CB Richard Ellis to market its Manhattan real estate assets, according to St. Vincent’s spokesperson Veronica Sullivan, who issued a brief e-mail press release Wednesday afternoon.
On Wednesday, St. Vincent’s Catholic Medical Centers filed a motion with the U.S. Bankruptcy Court to retain CB Richard Ellis, Inc. as real estate adviser for the disposition of its Greenwich Village campus.
“St. Vincent’s is exploring all options available regarding the Manhattan campus to maximize value for all of its stakeholders,” said Mark Toney, chief restructuring officer of St. Vincent’s.
The property, which occupies eight buildings, at Seventh Ave. between 11th and 12th Sts., represents a significant source of value for St. Vincent’s bankruptcy estate, Toney said.
St. Vincent’s Hospital closed at the end of April with $1 billion in debt.
CB Richard Ellis, an internationally recognized firm, is well established in the New York market and accustomed to developing and implementing real estate strategies for complex sale transactions, the press release said.
The U.S. Bankruptcy Court will consider the request at a hearing this month.