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Bankrupt St. Vincent's Hospital to return, but stripped down



St. Vincent’s Hospital is about to be partially resurrected – and partially replaced by luxury housing.

Under the deal, North Shore-LIJ will invest $100 million to retrofit the O'Toole building into a 24-hour emergency and comprehensive care center. RSV LLC, a Rudin family real estate development firm, will pump $10 million to rehab the hospital building and pay $260 million for the rest of the parcel, where it plans to build a handful of brownstones and hundreds of luxury condominiums.

The Greenwich Village hospital declared bankruptcy last April under more than $1 billion in debt. The plan would have to be approved by the bankruptcy court.

The medical facility will boast a modern imaging center and offer ambulatory surgeries. Unlike the old hospital, the new clinic will lack hospital beds and won’t be able to handle serious trauma cases or heart attack and stroke victims.

“We would assess and stabilize the patient and transfer them to the closest appropriate hospital for treatment,” said North Shore spokesman Terry Lynam.

Lynam said the new medical center expects to provide employment to about 400 full-time workers when it opens in 2013, following a gut renovation.

City Council Speaker Christine Quinn (D-Manhattan), who has been a vocal advocate for replacing St. Vincent’s services, said she had not been fully briefed on the proposal.

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