Mount Sinai Beth Israel has put an apartment building housing medical residents up for sale, as the 856-bed New York City-based hospital and its affiliates have lost hundreds of millions of dollars over the past few years.
The 24-story Gilman Hall, which Mount Sinai acquired in 2013, is among a cluster of buildings the teaching hospital uses for academic space, medical offices, hospital facilities and for housing resident physicians. One source familiar with the property told Crain's New York Business that the building could sell for up to $80 million.
Tenants at Gilman Hall have been told they must move out by June 30. Some resident physicians are pleased they will be able to move out of the dated building, which was built in 1969, according to Crain's.
The sale of the apartment building comes at a time when Mount Sinai Beth Israel is considering downsizing. In the first nine months of 2015, the teaching hospital posted an $85.6 million loss, which exceeded a budgeted loss of $75.6 million.
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