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Article: Med center in talks to sell Ulster hospital.(Westchester Medical Center)(Ellenville Regional Hospital )
- Article from:
- Westchester County Business Journal
- Article date:
- March 22, 2004
- Author:
CopyrightCOPYRIGHT 2004 Westfair Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Cash-strapped Westchester Medical Center, which plans to sell its bankrupt Ellenville Regional Hospital to Ulster County, is mulling two options to structure the deal.
One option is to sell the 51-bed, 32,000-square-foot hospital and surrounding 16 acres for about $300,000. The other is to give the institution and the land for $1 to Ulster County, with an option to take back the land if Ulster County were to resell the site in the future.
Under both scenarios, Westchester Medical Center would retain 29 acres of vacant land within the Ellenville Regional Hospital campus. If the medical center opts for second option, it would seek to negotiate a tax ...