No Condos at St. Mary's Hospital building
  • ... the new owner has already leased the building to Prospect Park Nursing Home:
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    Last week an LLC called Buffalo Avenue Realty Associates picked up St. Mary’s Hospital at 170 Buffalo Avenue in the Weeksville neighborhood of Crown Heights for $19,500,000. The large private Catholic institution closed in 2005. Surprisingly, it

    The building was previously discussed on Brooklynian relative to the controversy surrounding its potential use as a supportive housing project in CB 8, "already super-saturated with assisted living facilities" - See more at: http://www.brooklynian.com/discussion/19063/65-beds-for-mentally-ill-coming-to-st-mary039s-hospital
  • In my view, it clearly speaks to the behind-the-scenes nature of this deal:A property sits vacant, buried deep in the morass that follows that a hospital that is bankrupt.    ...likely fractionally owned by the creditors...Meanwhile, a nursing home needs a new site, likely because it can no longer meet the ever increasing JCAHO and DOH regulations at its present facility.   The nursing home advises real estate pros of its needs.   A suitable location is found, and investors decide that $1.5M a year would be a decent return on their investment...
    Creditors are finally paid.   Restrictions on using the facility in a manner that continues to benefit the health of area patients are met  ....not waived.

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