Pending regulatory approval, MSKCC says it intends to renovate and convert the Gramercy Park-area property to an outpatient cancer center. The facility served as a 455-bed hospital until it closed in March 2008 due to financial woes. A state health care commission in 2006 recommended the closing of Cabrini and four other New York City hospitals.

"Cabrini spent the last 100 years fulfilling its mission at this location, so it's very meaningful that the property will continue to be utilized as a medical facility," says Vincent Carrega, executive managing director of Grubb's capital markets group, in a release. "It's also exciting to know that this transaction provides an additional location for MSKCC to further its tremendously important work."

The complex extends half a city block and is comprised of four buildings totaling nearly 400,000 square feet of above-grade area, plus approximately 54,000 square feet of below-grade space. Largest of the buildings is a 17-story purpose built hospital, encompassing nearly 300,000 square feet of gross building area. The remaining three adjacent buildings are situated on separate lots.