While the two parties aren't formal partners yet, since St. Vincent's must receive bankruptcy court approval to enter into a memorandum of understanding, plans are going forward. The hospital expects to emerge from bankruptcy later this year.

"St. Vincent's chose the Rudin family because of its longstanding commitment to New York City," says Alfred Smith, chairman of the board for St. Vincent Catholic Medical Centers. "They are recognized as a responsible developer and outstanding corporate citizen. The partnership will provide us some of the needed resources to build a new St. Vincent's for the next century."

The Rudin family will build the new 600,000-sf hospital on the West side of 7th Avenue between 12th and 13th streets, at the site of the O'Toole Building. Once vacant the old hospital, which sits on the East side of the avenue, will be developed into a residential project by the Rudin family.

The new hospital is being built in order to service the growing residential population in Lower Manhattan, that will continue to expand as a result of the residential development pipeline over the next several years.

According to St. Vincent officials, "The new hospital will use green technologies that will emphasize conservation of energy, water and other natural resources resulting in a reduction of carbon emissions. It will have the most technologically advanced procedure areas and patient records, diagnostic test results, and radiological images will be kept electronically."

The project will go before the Landmarks Preservation Commission and the City Planning Commission before any work begins. A timeline for construction has not yet been established.

Instant Insights /

Rudin Family To Develop St. Vincent's Hospital

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