The rumors turned out to be true: Mount Sinai Beth Israel is closing its facility on First Avenue at East 16th Street.
Here's NY1 with the scoop:
"What we are dealing with is an infrastructure that is old, a facility that isn't efficient and it lives in the most competitive environment on planet earth in health care," said Mount Sinai Beth Israel CEO Dr. Kenneth Davis.
The hospital essentially has been on life support for years, losing $250 million since 2012. Now its owner, Mount Sinai Health System, is pulling the plug and announcing plans to close it in four years.
Hospital officials say the closure of the facility is the only option financially. With how treatment is changing Mount Sinai Beth Israel is in an evolve or die situation.
Davis said that only 60 percent of the hospital's 856 beds are used on a daily basis.
Mount Sinai Health System reportedly plans to replace the existing facility by opening a smaller hospital on 14th Street and Second Avenue "with a full-service emergency department and 70 inpatient beds."
According to NY1, Mount Sinai will also expand its Ambulatory Care Center in Union Square.
Meanwhile, Crain's is reporting that hospital officials have placed Gilman Hall, an apartment building it uses to house medical residents, up for sale.
The 24-story property, at the corner of East 17th Street and First Avenue, could fetch as much as $80 million.
Citing several anonymous nurses, The Villager reported on May 13 that the hospital would be closing. A Mount Sinai spokesperson would neither confirm or deny the report at that time.
Updated 5 p.m.
According to The Wall Street Journal, the 16th Street facility/property could fetch up to $600 million.
Previously on EV Grieve:
Report: Mount Sinai Beth Israel 'will cut its inpatient capacity' (33 comments)