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Former East Side Hospital Goes for $83M

NEW YORK CITY-Memorial Sloan-Kettering will convert the former Cabrini Medical Center at 217 E. 19th St. into an outpatient cancer facility.

By Paul Bubny | Updated on February 17, 2010

NEW YORK CITY-An affiliate of Memorial Sloan-Kettering Cancer Center has won the bidding for the former Cabrini Medical Center at 217 E. 19th St. SKI Realty is paying $83.1 million for the four-building complex, which was auctioned off in late January following Cabrini’s July 2009 bankruptcy filing. The sale has been approved by US. Bankruptcy Court, according to Grubb & Ellis, which spearheaded the property disposition on behalf of Cabrini.

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.”

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