New York-Presbyterian’s $1 Billion Expansion Wins Approval

New York-Presbyterian Hospital last Thursday got the O.K. from state health regulators for its expansion and takeover of New York Downtown Hospital.

The nation’s second oldest hospital will build a new ambulatory care center at 1283 York Avenue. The facility will be home to facilities for surgery, infusion therapy, primary car, MRIs and radiology. It will cost an estimated $895.5 million.

New York Presbyterian Hospital--Weill Cornell campus

New York Presbyterian Hospital–Weill Cornell campus

The project brings New York-Presbyterian in line with modern healthcare developments that have seen the rise of ambulatory care centers as they administer medical duties once performed in the hospital. Montefiore Medical Center and North Shore-LIJ Health System recently built such facilities.

Crain’s reported that New York-Presbyterian plans to finance the project by taking a $500 million mortgage at 6 percent interest for a 25-year term and fundraising for the remaining $395.5 million.

The state’s Public Health and Health Planning Council will vote on the project on April 11th.

As for New York-Presbyterian’s proposed takeover of New York Downtown Hospital, the goal is to rein in costs by shrinking the workforce. Downtown Hospital lost $12.5 million in the first eleven months of 2012.

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