Saint Vincent gets court approval of bid procedures for $2.63 million sale of Brooklyn properties

By Caroline Salls

Pittsburgh, Dec. 20 - Saint Vincent Catholic Medical Centers obtained court approval of the bid procedures for the proposed $2.63 million sale of several lots of property in Brooklyn, N.Y., according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

New Prospect Holding Corp. is the stalking horse bidder.

The properties are vacant lots near the former St. Mary's Hospital.

New Prospect paid a $131,500 deposit and will pay another $131,500 deposit within five days of obtaining all required approvals. The balance of the purchase price will be paid at closing.

If New Prospect is not the high bidder, Saint Vincent will pay it a $70,000 break-up fee.

Bids other than New Prospect's must be for at least $2.73 million.

Bidders must provide for a closing date that is within 60 days of the receipt of the bid, provided that if the proposed closing date if more than 30 days from receipt of the bid, the bid must be at least $2.83 million.

All bids must include a $131,500 deposit and provide for a $131,500 supplemental down payment.

The minimum initial overbid at auction must be for at least $25,000 more than the starting bid, and subsequent bids must be made in increments of $25,000.

The auction will be held Feb. 1. The sale hearing is scheduled for Feb. 5.

The New York metropolitan area health care system filed for bankruptcy on July 5, 2005. Its Chapter 11 case number is 05-14945.

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