TWO HEALTHCARE PROPERTIES SELL AT BANKRUPTCY AUCTION FOR $26.62 MILLION

NEW YORK CITY — Brooklyn, New York City-based developer and investment group Guttman Realty has submitted the winning bid in the bankruptcy auction of two healthcare properties formerly controlled by Caritas Healthcare. The two properties include Mary Immaculate Hospital's 4-acre campus in Jamaica, Queens, and the 2-acre St. John's Queens Hospital campus in Elmhurt, Queens. The winning bid of $26.62 million is subject to approval by the U.S. Bankruptcy Court. The buyer plans to redevelop both properties; potential uses for the Mary Immaculate property include an educational facility, use by a non-profit organization or government organization, or a religious facility. The St. John's site could be used as an office building. CB Richard Ellis' Larry Weiss, David Zelinski, Philip Heilpern and Richard Karson represented the seller and procured the auction's five bidders.