NEW YORK CITY–The US Bankruptcy Court in Manhattan on Thursday approved a $260-million sale on Thursday of the Saint Vincent Catholic Medical Center’s West Village Campus to Rudin Management and North Shore LIJ-Health System, LIJ president Michael Dowling and Rudin CEO Bill Rudin confirm. The deal, approved by Bankruptcy Judge Cecilia G. Morris April 7, is a partnership by both developers to create a freestanding 24-hour emergency and ambulatory surgery facility, as well as 590,000 square feet of residential mixed-use development on the east side of the campus.

“The court is convinced that the likelihood of an equal or better sale opportunity is slim to none,” Morris says in an e-mailed statement, praising the sale. Under the proposed plan for the site, North Shore-LIJ plans to invest $110 million for the redevelopment of the landmarked O’Toole building on the West Side of Seventh Avenue into a Center for Comprehensive Care, which would include 24/7 emergency services and a full-service imaging center, which Rudin is providing $10 million to offset North Shore-LIJ’s costs for the historic structure. The developers are anticipating a fall 2013 opening and are currently obtaining necessary approvals from city and state officials.

“With today's approval by the Bankruptcy Court, West Siders are one step closer to having access to the high-quality emergency care they need,” Rudin and Dowling say in a joint press statement released Friday morning. “We’re especially pleased the judge confirmed what we've been hearing repeatedly from residents, business owners and community leaders,” describing that the agreement reached last month by SVCMC is “a great deal for the community” and “would ensure an innovative, return of comprehensive health care to the neighborhood.”