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New Developments in the News

FEBRUARY 8, 2010

St. Vincent’s need for a miracle; plans change for an LES hotel.

Continuum Partners, a health consortium with hospitals in Manhattan and Brooklyn, has withdrawn an offer to take over the debt-riddled St. Vincent’s Hospital. The offer would have involved closing or moving St. Vincent’s emergency and inpatient facilities, which currently serve Greenwich Village and the Lower West Side, to Continuum hospitals located in other areas. The offer was reportedly withdrawn due to what was seen as a negative reaction from both the State Health Department and St. Vincent’s own board.

Plans for a 24-story tower at 180 Orchard Street adjacent to Katz Deli in the Lower East Side have changed. The building’s developer intends to add retail space on the building’s lower floors and subtract what was originally to be 356 hotel rooms. The shift in focus from hotel to retail and residential space reflects the current reluctance of banks to finance hotel projects.

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