NEW YORK CITY-After obtaining approval by the US Bankruptcy Court in Manhattan earlier in the year, Rudin Management Co. and new partner Eyal Ofer’s Global Holdings have closed on a $260 million purchase of the nine-building St. Vincent’s hospital campus in Greenwich Village. The developers will officially donate the landmarked O’Toole building to North Shore/LIJ-Health System to develop into a freestanding emergency and ambulatory surgery facility pending final city and state approvals.

North Shore-LIJ plans to invest $110 million for the redevelopment of the 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 toward to offset North Shore-LIJ’s costs for the historic structure.

“Closing on this property represents a significant step in our plans to return healthcare, open space and jobs to the Greenwich Village neighborhood,” says Bill Rudin, in a prepared statement. “Throughout our efforts on this project, we have been clear that providing healthcare to the residents of the West Side was of paramount importance. By donating the O’Toole building to North Shore/LIJ, New Yorkers are now on the road to having top-quality emergency care for a long time to come.”