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Hudson Valley

Bidder selected for Golden Hill

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Albany/HV: Bidder selected for Golden Hill
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KINGSTON, N.Y. -- After months of waiting, a bid has been selected for the Golden Hill Health Care Center. The facility accepted the $11.25 million bid from Dr. Anthony Bacchi, Martin Farbenblum and Edward Farbenblum on Friday.

Bacchi and Martin Farbenblum founded MagnaCare, an employee benefits company. In addition, Bacchi also owns a country club in Saugerties.

The three men have a plan in place for the future of the facility, including the addition of a unit designed to treat patients with Parkinson's disease and a cardio-pulmonary rehab unit.

Improvements to Golden Hill's infrastructure are also part of the plan.

The facility's chair says she's happy to have someone with local roots take over.

"We want someone who really cares about the community and doesn't just see this as a business but as a real commitment to the area and investment to the area. He spoke about bringing medical care in Ulster County to a higher level than it has ever been.
He spoke with such vision and commitment," said Dare Tompson, Golden Hill LDC Chair.

The next step is for the buyers to apply to the State Department of Health, in order to run the facility. After approval, Ulster County will finalize the transition to the new owners. Golden Hill LDC anticipates the process will be complete by the end of next year.

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