The Chetrit Group and partners are in contract to buy the former Cabrini Medical Center at 227 East 19th Street, the Wall Street Journal reported. The five-building complex at Second Avenue and East 19th Street was created by the merger of two Manhattan hospitals, and the hospital closed in 2008 because of financial troubles. Memorial Sloan-Kettering Cancer Center acquired the site for $83 million in 2010.
The property, located a block from Gramercy Park, has been marketed as a chance to create a 400,000-square-foot residential space in one of Manhattan’s most coveted neighborhoods.
Earlier this year, the Chetrit Group snagged Sony’s 550 Madison Avenue headquarters for a staggering $1.1 billion, with plans to convert the property into high-end condos. In February, Chetrit and David Bistricer partnered to buy the 46-story Flatotel at 135 West 52nd Street in Times Square, which traded for $180 million and will also be converted into luxury condos.