[Image via Griener-Maltz]
As previously reported, the Mount Sinai Health System is in the midst of its more than $500 million project to rebuild Mount Sinai Beth Israel ... which includes an expanded facility on 14th Street and Second Avenue.
Meanwhile, Mount Sinai will sell its current 16th Street property. Now one piece of that parcel has changed hands. Town & Village reports that asset manager CIM Group bought Gilman Hall, an apartment building the hospital uses to house medical residents on 17th Street at First Avenue, for $87 million.
Their plan for the 24-story building? Student housing.
“The Gilman Hall site represents an exceptional opportunity to reposition and modernize a significant property in an exciting location currently experiencing substantial public and private investment,” said Avi Shemesh, co-founder and principal of CIM Group.
According to the news release on the deal, the entire site is zoned for a total of approximately 225,000 square feet, including a combination of community facility, residential and commercial uses.
A CIM spokesperson "said the company wouldn’t be commenting further on the future of the property."
The hospital's downsizing from its campus on First Avenue and 16th Street is part of a $550 million plan by Beth Israel’s owner to adapt to a changing health care landscape where patients are using more outpatient care and spending less time in hospitals, as previously cut-n-pasted.
Previously on EV Grieve:
More details on the incoming Mount Sinai Downtown Beth Israel
12 comments:
Endless, endless student housing. Well I'm sure the medical students will be too busy studying and working to cause much havoc, but even so, how do you base a village or a community on TRANSIENTS.
They're gong to need to expand the Chipotle (student dining) and Starbucks (the student lounge) acoss the street. Judging from the reactions on Town & Vllage, the StyTown residents are not exactly thrilled.
Great more vomitting young lads and lassies in the nieghborhood. We dont have enough now.
Oh goodie! More of the same, just like all the new "architecture"!
Is there any way to stop this? The neighborhood is already full of students who pass through and party like crazy and don't contribute anything to the stability of the community. Why can't the city buy this building and turn it into affordable housing?
And so the "cash-in" begins. Mt. Sinai bought Beth Israel to make money not to provide medical care. When they finally dismantle the 1st Ave site they will make well over a billion dollars and spend a pittance on refurbishing the new site on 14th. This comes at the expense of medical care in the eastern part of the city. Thank you Mayor Bill DeGreed. I would ask where are our politicians. But we don't have any that care about the people they represent.
I wonder if there is a big tax incentive to make this student housing then after 5 years the wrecking ball flattens it for luxury condos?
I don't understand why NONE OF OUR LOCAL POLITICIANS have spoken out about this sale of the Beth Israel hospital. Forget the student issue, what do you think the traffic will be like with ambulances trying to access their new "quick-mart" emergency room on 14th Street? This is nuts. Also, any "elective" medical issues will have to be treated elsewhere. If you want to have a baby, you'll be shuttled to their new "state of the art" birthing facility in BROOKLYN--or else the Upper West Side. That means more C-sections and more inductions. They are vastly expanding residential housing in this area with new construction and downsizing the hospital. Get mad, people. This is about a lot more than just pukey college kids.
Thats a lot of students packed together. Gross!
Zan,
Hospitals and Catholic schools/church sites are a gold mine for developers and the city. This is just the beginning. The medical business' mantra is "charge more/cut costs". A friend had rotator cuff surgery on the 5th floor of an office building. Not even a hospital. Wave of the future. A really big wave.
At this point I wouldn't go anywhere but NYC langone - and I despise nyu as an institution. Had to get some blood work done that wasn't covered by insurance and they immediately gave me the Medicaid rate without any hassle.
Gilman Hall always housed trainees. That's where the residents lived when Beth Israel was still Beth Israel. That way surgical residents didn't have to take a subway to get to the O.R. when they're on call. It also allows the hospital to recruit high quality residents to move to expensive Manhattan. This is a good thing that it will still house students, hopefully those that work at Beth Israel.
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