NY-Presbyterian Plans Takeover of Ailing New York Downtown Hospital
LOWER MANHATTAN — The financially struggling New York Downtown Hospital, the city's only remaining hospital below 14th Street, could be taken over by New York-Presbyterian Hospital, according to media reports.
NY-Presbyterian, one of the city's largest private hospital groups, recently filed a "certificate of need" with the state Health Department, arguing that a takeover was necessary to save the vital, but financially troubled 180-bed Downtown Hospital.
Since the closure of St. Vincent's Hospital in 2010 as a result of similar debt issues, Downtown Hospital, located at 180 Williams Street, remains the only community hospital for Lower Manhattan residents.
Downtown Hospital has been loosely affiliated with NY-Presbyterian since 2005.
New York-Presbyterian CEO Dr. Steven Corwin told WNYC on Monday that the hospital will invest about $125 million in Downtown in the coming years, which includes assuming up to $40 million in debt, improving facilities, and restoring to service large areas of the hospital that have been “moth-balled.”
The rescue plan is pending approval from the Health Department.
NY-Presbyterian did not immediately return requests for comment.