Monday, November 7, 2011

Rudin managment moves forward with development plans for former St. Vincent's Hospital site.

The walls of doctors' offices have been knocked down and replaced with light-filled kitchens and curved plaster moldings in a building that was once part of the St. Vincent's Hospital campus, as the first signs of a rebirth emerge at the bitterly fought-over hospital site.

The 12-story building, plus penthouse, at 130 W. 12th St. near Sixth Avenue in Greenwich Village housed medical and administrative offices and some staff apartments for St. Vincent's. It was sold for $55 million in January 2010, a few months before the hospital closed.

Now the site in the Greenwich Village Historic District is being restored by the Rudin Family Development into what had been its original use upon completion in 1941: an apartment building.

Stribling Marketing Associates is scheduled to open an on-site sales office on Monday, offering 42 condominius priced between $1.4 million and $12.85 million. The building is due to open next spring.

That is to be followed by a much larger development by the Rudins on the main hospital site featuring as many as 450 market-rate condominiums. Due to be completed in 2015, it is to include a 203-foot-high tower on Seventh Avenue that has engendered opposition from preservationists. The Rudins paid $260 million for the site in bankruptcy court earlier this year.

The restoration of 130 W. 12th St. into apartments with asking prices averaging nearly $2,000 per square foot has faced little opposition, and there is a list of 200 potential buyers waiting for appointments on the new on-site sales office, according to William C. Rudin, the chief executive of Rudin Management.
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