Search
 

Shuttered Hospital Sells in Bankruptcy Court

MIAMI BEACH-Hospital of South Beach LLC, a Delaware-registered corporation, agrees to pay $2.4 million for the closed for the last nine months. The buyer was the only bidder.

By Alex Finkelstein | Updated on November 30, 2006

MIAMI BEACH-Closed for the last nine months after a dispute with federal agencies over alleged Medicare invoice irregularities, the 40-year-old, 148-bed South Beach Community Hospital has been sold in US Bankruptcy Court here for $2.4 million. Hospital of South Beach LLC, a Delaware-registered corporation, was the buyer. Hospital of South Beach was the only bidder for the property.

The buyer has 90 days to close the deal, according to court filings. The new owners are David and Russell Galbut of Miami and Richard Kresch, a New York City manager of psychiatric facilities. The sale price equates to $16,216 per bed.

That price compares to the $91,623 per bed figure in the pending $35-million sale of the 382-bed Parkway Regional Medical Center in North Miami Beach. Miami-Dade county commissioners approved that sale Nov. 28. Miami-based Jackson Memorial Hospital is buying the asset from Dallas-based Tenet Healthcare Corp. and plans to rename the facility Jackson North Medical Center. The deal is expected to close by year’s end.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.