Monday, November 7, 2011

Rudin and Quinn Are Laughing All The Way To The Bank

Bill Rudin Gang Laugh at Us ; Meanwhile, We Still Need A Hospital

Activists and community members showed up for the first day in an on-going protest and vigil outside the Rudin Management Company's luxury condominium sales office at 120 West 12th Street, at one of the Manhattan buildings that used to comprise the campus of St. Vincent's Hospital.

In a separate action, started by LGBT civil rights activist Alan Bounville, the community is being asked to take part in a phone zap against Rudin Management Company. Mr. Bounville is asking that everybody contact John Gilbert, the COO of Rudin Management Group by calling 1-212-407-2400 and by e-mailing :

"Please join the masses and flood Rudin Management Company's phone and email this week so they are aware of the growing wave of public disgust with them stealing a hospital from the community!" urged Mr. Bounville.

Record your phone calls, upload the sound files, and copy and paste your e-mails and links to the Rudin Phone Zap Facebook event page.

The economics of the Rudin luxury condo conversion plan for St. Vincent's is proving to be a very lucrative real estate development plan. Rudin paid $260 million for the St. Vincent's campus, and it obtained $525 million in construction financing for the project. If you combine these two figures, then the total cost going into the luxury condo conversion is about $785 million. If Rudin sells the luxury condos and townhouses for a combined value of over $1 billion, then it would be very easy for Rudin to net well over $200 million in profit from the closing of St. Vincent's Hospital.

The lure of profit well in excess of $200 million during this Great Recession may be one reason that Rudin has spent easily over $200,000 on hiring the real estate lobbyist Melanie Meyers and made a bundle of approximately $30,000 in donations to the 2013 mayor campaign of Christine Quinn.

The lure of profit well in excess of $200 million during this Great Recession has also triggered a possible fraud probe. Two months ago, The New York Post reported that the Manhattan District Attorney was investigating whether hospital executives intentionally let St. Vincent’s fail, so that the Rudin could buy the hospital’s real estate on the cheap.  

No wonder that William Rudin and City Council Speaker are laughing all the way to the bank, while community members are stuck in crosstown traffic or suffering through long Emergency Room wait times in order to get emergency medical attention.

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