The Observation Deck

Hey Bill, so you’ve been misinforming us this whole time. You’ve said, repeatedly, that Lakewood taxpayer and donor money went to Avon with the closing of Lakewood Hospital. It looks to me like our money went to England, not Avon. At least some of it.

And £300M for 192K sq. ft.? That translates to $426 million for 192K sq. ft., about $2,200 per sq. ft. WOW! That’s more than anyone pays anywhere, including Manhattan or Tokyo. Right? It’s like buying a 32” LED TV for $2,200….

But wait, there’s more!

The seller (Perella Weinberg Partners) paid £204M just nine months ago, so their nine-month gain was almost £100M, for about a 63% annualized return. I wonder who sold it to them. I wonder who they know. I wonder what the Clinic plans for the building. Do charities normally pay $2,200 a foot for facilities? I’m guessing not. (Actually, I’m not guessing….)

Another good catch Bill….

PS, Bill, what does it mean when the article says “a yield of 5%”? Must be I don’t understand the metric system or something….

Tim Liston wrote: PS, Bill, what does it mean when the article says “a yield of 5%”? Must be I don’t understand the metric system or something….

After taxes?

The Cleveland Clinic used its non profit status and political power to become part of a shared monopoly in Northeast Ohio. It uses its political power and monopoly power to drive away completion and drive up prices.

Lakewood Hospital was a cash cow for the Clinic for years. When the milk ran dry the Clinic ran out of town.

The Cleveland area is the new cash cow for the Cleveland Clinic. Will they drain it dry?

We are paying higher prices for health care, losing jobs and losing our competitive edge to fund the Clinics expansion plans. Is that the new Vision for Tomorrow?

That is an incredible sum of $. And to think it all has to be converted to a medical facility now! I'm sure that isn't cheap either. Half a billion $ (most likely) for London, $30 million for Lakewood. And we're right in the Clinic's backyard. Way to turn your back on the country that made you what you are today Toby.

Some are calling this facility The Cleveland Clinic at the Buckingham Palace. I thought bricks and mortar were obsolete? Build Lakewood should be outraged!

I thought bricks and mortor were obsolete?