A plan to build a new hospital in Manhattan’s West Village got a green light last week from the New York City Landmarks Preservation Commission.
Saint Vincent Catholic Medical Centers will “most likely” seek financing through the Dormitory Authority of the State of New York to build a new $830 million hospital, spokesman Michael Fagan said.
The project still has to go through the city’s land-use review process as well as receive approval from the city planning commission and the City Council. Fagan said that process could take 18 to 24 months.
The project includes selling part of Saint Vincent’s Manhattan facilities to Rudin Management Co., which would build luxury apartments and townhouses on the site. The plan stirred local opposition over the height of two proposed towers and their size was reduced, with the design of one being shaved down from 266 feet to 203 feet.
The nonprofit hospital system would use the proceeds of the sale of its old facility to pay off debt owed to GE Capital and put a downpayment on the new hospital, Fagan said. He did not disclose the amount of debt owed to GE.
Saint Vincent operates hospitals and medical facilities throughout the greater metropolitan area. It has borrowed through DASNY in the past, but a spokesman for the authority said it does not currently have any bonds outstanding with the hospital system.