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Beth Israel Hospital to Sell Gilman Bldg on East Side

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Just last month Mount Sinai announced that it would close the 825-bed Beth Israel Medical Center at First Avenue at 16th Street and reopen a 70-bed hospital and emergency room at 14th Street near Second Avenue by July 2020

It appears that Mount Sinai Beth Israel Hospital in Manhattan has plans in the works to put its Gilman Building at 353 East 17th Street on the real estate market. Just last month Mount Sinai announced that it would close the 825-bed Beth Israel Medical Center at First Avenue at 16th Street and reopen a 70-bed hospital and emergency room at 14th Street near Second Avenue by July 2020, as was reported by Crain’s.

The plan will create a new entity, Mount Sinai Downtown, which will is expected to treat 1 million patients at its clinics and physician practices annually with capacity to serve another 500,000.  It will include 600 doctors serving 16 clinics and physician practices.

The time frame is optimistic given the regulatory approvals Mount Sinai must receive from the state Department of Health, not to mention the construction approvals required from New York City.

According to a JP Update report, Mayor Bill de Blasio wants to ensure that the Lower East Side of Manhattan continues to be served with sufficient health care services as Mount Sinai Hospital closes a hospital to open a new one.

In a radio interview with WNYC on the Brian Lehrer Show a few weeks ago, de Blasio said that the city plans to have “a very hands-on approach” in ensuring that the local community still gets sufficient healthcare services.

“What I want to make sure is that there is ample healthcare for that community, and that the public’s needs are recognized,” the mayor said. “And this time, what I can say Brian is that unlike in the past – I mean when I was involved in some of these issues in the past, there was no plan, no rhyme or reason, the City had a hands-off approach – we’re going to have a very hands-on approach to making sure that whatever happens here includes the kind of healthcare the community needs. We have to guarantee that the community around Beth Israel has what it needs.”

Lower Manhattan is served by just one other hospital with emergency medical services – the New York-Presbyterian/Lower Manhattan Hospital, which has 170 beds. In recent years, other hospitals in the New York City area have shuttered, especially those operated by the Archdiocese of New York. St. Vincent’s Hospital in Greenwich Village closed its doors in 2010 after operating for more than 150 years.

If the New York City Council should give its imprimatur, it appears that whomever would purchase the Beth Israel building could possibly also buy air rights from Stuyvesant Town/Peter Cooper Village; adjacent housing projects.

When the Blackstone Group and Ivanhoe Cambridge bought the complex in December, the de Blasio administration pledged to support an air rights sale in return for affordability concessions and a commitment not to build on the Stuy Town site, according to the Real Deal report.

Eastdil Secured’s Doug Harmon is marketing the property. It was unclear what the building is expected to sell for.

Amid a shortage of vacant lots, hospitals make an attractive target for developers. For example, in 2014, Fortis Property Group paid $240 million for the Long Island College Hospital in Cobble Hill, where it plans to build residential towers, according to a report in the New York Post.

Chuck Esplone

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