Healthcare: Sloan-Kettering top bidder for Cabrini site

Healthcare: Sloan-Kettering top bidder for Cabrini site

By Theresa Agovino for Crain’s New York

Memorial Sloan-Kettering Cancer Center made a last-minute, $80.1 million bid earlier this week for the five-building complex that once housed the Cabrini Medical Center. The bid tops by a mere $100,000 a December offer from developer J.D. Carlisle.

On Thursday, an auction is slated to be held for the property that could decide the winner, said Vincent Carrega, executive managing director of Grubb & Ellis New York Inc., which is shepherding the sale. However, Mr. Carrega said the auction could be postponed, should more interested parties emerge.

Both offers are 44% less than the now-defunct and bankrupt institution needed to pay off creditors. But Mr. Carrega is hopeful that the property could fetch more at the auction, noting that when two Queens hospital sites were auctioned in October the eventual price was 50% more than the starting bid.

The 450,000-square-foot Cabrini property that is being auctioned off is between East 19th and East 20th streets and Second and Third avenues. Cabrini ceased operating as a hospital in March 2008 and filed for bankruptcy last summer.

It was unclear what either entity planned to do with the property.


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