Saint Vincent requests court approval of Staten Island hospital sale

By Reshmi Basu

New York, July 25 - Saint Vincent Catholic Medical Centers requested court approval for the private sale of its Bayley Seton Hospital campus in Staten Island, N.Y., to three separate parties, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The healthcare provider decided to sell the campus to relieve itself of the significant operating losses and ever-increasing maintenance costs, according to the motion.

Pending bankruptcy court approval, the properties will be sold to the Sisters of Charity Health Care System Nursing Home, Inc., the Salvation Army, Inc. and the Chait Housing Development Corp.

Under the purchase agreements:

• Tax lot 150 will be sold to Sisters of Charity Health Care System for a purchase price of $11.363 million;

• Tax lots 1 and 25 will be sold to the Salvation Army for a purchase price of $21.9 million; and

•Tax lot 200 will be sold to Chait Housing Development for $1.6 million.

A hearing is scheduled for Aug. 21.

The New York metropolitan area health care system filed for bankruptcy on July 5, 2005. Its Chapter 11 case number is 05-14945.

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