A New York bankruptcy court has approved Montefiore Medical Center's purchase of Westchester Square Medical Center.
The Bronx hospital was set to close in March after years of attempts by the community to prevent the takeover.
A 2006 state commission recommended closing the hospital to cut costs, but the city determined it was needed by the community at the time.
Staff at the hospital protested the takeover, saying jobs would be lost.
The facility will initially be converted to function as an emergency care and ambulatory surgery center.