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New York City Hospital RedevelopmentRSS

Governor Pataki's Commission on Health Care Facilities in the 21st Century has recommended that real estate assets held by Manhattan Eye, Ear and Throat Hospital on the Upper East Side, St. Vincent's Midtown Hospital in Hell's Kitchen, and Cabrini Medical Center near Gramercy Park be sold off for development. The biggest development opportunity would be at the site of the Cabrini Medical Center, occupying a full block between Third and Second Avenues and 19th and 20th Streets, two blocks from Gramercy Park. Hospital officials have estimated the site could be sold for about $130 million for condominium development, covering the institution's existing debt. Local officials have already begun to oppose the plan fearing the replacement of community facilities with luxury development.

Development Plans for St. Vincent’s Hospital Revealed

Yesterday St. Vincent’s Hospital announced plans to develop a $700 million facility along 7th Avenue between 12th and 13th streets, across the street from its current location. The current site would be converted into roughly 450 units of luxury housing. Community concerns regarding the joint development include the lack of affordable housing and the effect on the historic landscape of the neighborhood.

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Hopsital Consolidation May Create Development Opportunities

The planned consolidation of the Goldwater and Coler Hospital campuses of Color-Goldwater Specialty Hospital could free up to 10 acres of land on the south end of Roosevelt Island. Local residents and officials are concerned that any plans for residential property on the land would overstress the existing transportation networks. The Health and Hospitals Corporation does not at this point have definite plans for use of the land.

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City Looking to Buy Hospital Land for New Health Clinic

The Health and Hopsitals Corporation is looking into potentially buying land being sold by St. Vincent Medical Center in order to set up a new health clinic to serve the uninsured on Staten Island. It is uncertain whether the new development would be an adult primary-care clinic or child-health clinic. The new clinic would be a welcome development for residents, as the borough is the only one without a public hospital.

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Governor's Commission Urges Sale Of NYC Hospitals

Governor Pataki's Commission on Health Care Facilities in the 21st Century recommended that real estate assets held by Manhattan Eye, Ear and Throat Hospital on the Upper East Side, St. Vincent's Midtown Hospital in Hell's Kitchen, and Cabrini Medical Center near Gramercy Park be sold off for residential development. Developers are lining up to bid on this valuable property as local officials decry the potential replacement of community facilities with luxury residential development.

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Furman Center for Real Estate and Urban Policy | NYU School of Law | 40 Washington Square South, Suite 314-H | New York, NY 10012 | 212-998-6713