St. Vincent’s Puts City’s Ugliest Building on the Block

5552 St. Vincents Puts Citys Ugliest Building on the BlockAnd so the fallout begins.

St. Vincent’s, the storied hospital that, since its founding in the 19th century, has been intimately entwined with the New York story, has, for the first time since it declared bankruptcy on April 14, put a piece of its downtown Manhattan portfolio on the block, reports the Times.

The building in question is 555 Avenue of the Americas, arguably one of Manhattan’s ugliest apartment buildings (the sun-dappled picture to the right in no way does it justice):

Grubb & Ellis, a brokerage, is expected to release the marketing materials on Monday morning to sell the property at 555 Avenue of the Americas, which is known as Staff House. The property, near 15th Street, is a 180,000-square-foot building with 178 apartments, a 90-car parking garage and potential store space along the avenue.

Aesthetics aside, the building already has a very interested buyer:

St. Vincent’s, which has informally been trying to sell this building for several years, already has one offer; the commercial property owner Taconic Investment Partners signed a contract on Wednesday to buy the building for $48 million. That means any other prospective bidder would have to offer more than $49.37 million, when taking in account all other fees, court documents say.

More here.

drubinstein@observer.com