Wednesday
May 25, 2016

New Life for Closed Hospitals: Condos

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New Life for Closed Hospitals: Condos

As hospitals across the country close down, developers are seeing unexpected new purpose for these now vacant spaces. Developers in New York City have increasingly reenvisioned shutdown hospitals as luxury condominiums – believing they can make “hospital buildings hospitable for full-time residents,” The New York Times reports.

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For example, a former maternity ward on Second Avenue in Manhattan has morphed into Rutherford Place, a rental-turning-condo building. Two-bedroom apartments there recently listed for as much as $2.3 million.

Gramercy Square, a $350 million complex, is planned for the former site of the Cabrini Medical Center, which closed in 2008. A condo village is being constructed on the property, which has included tearing down some of the original buildings while adapting others and building new on the 1.4-acre site. About 223 apartments are planned among four residential structures in the space.

“I found it very interesting and very rewarding to take something like that and make it work,” David Bistricer, the founder of Clipper Equity, one of the developers, told The New York Times.

Developers are redesigning towers that once housed patient rooms, operating rooms, and a psychiatric ward. Cabrini’s emergency room is now being reenvisioned as a place for gardens.

“From the standpoint of an architectural project, it was extraordinary, the range of disciplines involved,” says Jeremy Singer, the managing principal of Woods Bagot’s New York office.

The apartments are to run around $2,200 a square foot or about $995,000 for a studio and up to $33 million for a penthouse. Sales started this winter.

The project is slated to open by the end of this year.

Source: “From Hospital to Condo,” The New York Times (Jan. 22, 2016)