Bryan Cave Advises on St. Vincent’s Hospital Joint Venture
November 10, 2011
Bryan Cave LLP represented Eyal Ofer’s Global Holdings in connection with its entering into a joint venture with The Rudin Organization for the acquisition and development of the St. Vincent Hospital’s nine-building Manhattan campus. The Rudin Organization, a family owned company now in its third generation, ranks among New York City’s most prestigious real estate owners and developers. The transaction closed Sept. 30.
Parts of the St. Vincent complex will be owned and operated as a hospital, complete with a stand-alone emergency room, by North Shore Long Island Jewish Hospital, a hospital organization in the New York metropolitan area seeking to expand significantly into Manhattan.
The former main hospital building itself will be converted by the joint venture into residential condominium apartments, several townhouses, a new 564-seat elementary school and a 15,000-square-foot park.
A consortium of banks has committed to providing $525 million in financing for the project in addition to the equity to be provided by Global Holdings and The Rudin Organization. The development is projected to cost approximately $1 billion.
The St. Vincent’s deal has been given extensive press coverage in numerous industry publications including The Wall Street Journal
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The Bryan Cave team was led by Partner Steven Bloom and included Partners Robert Davis, Kevin Healy, Christopher Eagan, Lawrence Gottesman, Thomas Kreamer, Jeffrey Chavkin, Counsel Serge Nehama and Associates CB Mobley and David Firestone.