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January 27, 2009

LICH Liquidation Underway

LICH-set-up-012709.jpg
Six months after putting two of its flagship buildings on the market, Long Island College Hospital continued to pare down its real estate portfolio, putting up another eight smaller buildings for sale last week. First reported in an unlinkable Crain's article, the item was picked up by a blog called LICH Watch and then Gowanus Lounge. (The broker, Grubb & Ellis, has a completely useless website.) We managed to get our hands on a copy of the set-up; you can see it here. Here are the properties that are reportedly on the market on a cash-only basis: 74, 76-78, 82 and 86 Amity Street (at left, below); 113 Congress Street; 43 Columbia Place (at right, below); 385-389 Hicks Street. There are no asking prices provided. Anyone know what the asking prices for any of these are?
LICH Real Estate Up for Sale [LICH Watch via GL] GMAP
Cobble Hill Wants LICH Hospital, Not Condos [Brownstoner]
LICH Selling Off More Cobble Hill Buildings [Brownstoner]

LICH-for-sale-0109.jpg




Posted by Brownstoner at 10:00 AM | Comments (16)
Categories: Brooklyn Heights, Cobble Hill, Properties

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Comments

Tight inventory? What tight inventory? Single file line please. There's a bottleneck at the exit.

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 27, 2009 10:04 AM

i figured the 113 congress one was coming (sorry, should've tipped this one to you brownstoner).

the ground floor, for as long as i can remember, always had a light on 24 hrs a day and was filled with computer monitors and other office junk - in complete disarray and never used. just last week they've been cleaning out the whole building, so this was obviously coming. they did the same with another formally vacant building they owned a few houses down (it's now 4 rentals - i think there's an old brownstoner post on it - can't remember). that should be a decent building to compare asking price with - just discount 2007 to now.

Posted by: Danny Noonan at January 27, 2009 10:09 AM

What the house price bears fail to appreciate is that when they built Brooklyn Brownstones they used magic stone that could depreciate in price during certain periods - the 70s and 80s for example - but would then eventually reach a state of magnificance in which they would never depreciate in price again. We are now living in that magical stone period and the poor doomsayers fails to recognize that fact of life.

Posted by: Brooklynnative at January 27, 2009 10:16 AM

This is Continuum's plan, right? To sell off everything they can, take the money, then say, OOPS!, we really can't run a hospital here afterall.

I went to a hearing about closing some lich departments and, oy, what a bunch of losers. They give losers a bad name. The head dude said that having "your back to the river" makes the location of this hospital impossible (but great for condo development we assume). I assume he's never been on the FDR and seen hospitals along the eastside of Manhattan.

Posted by: Ringo at January 27, 2009 10:18 AM

Brooklynnative...it wasn't the stones that depreciated, it was the fabric of the neighborhood.

Posted by: daveinbedstuy at January 27, 2009 10:25 AM

Ringo--That IS funny. As you pointed out, the East Side has most of the premiere medical facilities in the city. So glad NYU and New York Hospital (or whatever it is called now) can still provide services with that distracting and unsightly river located right next to them.

Posted by: Carol Gardens at January 27, 2009 10:29 AM

Dave you're right, abnd no matter how much tax revenues might decline going forward, now matter how bad the US economy might get because of the un-precedented credit bubble which the NY economy relied upon the way up, Brooklyn Brownstone prices will not decline because of the nature of the brick. The magical brick will continue to appreciate in years to come whether or not people can afford it or pay for it or borrow enough to pay for it.

Posted by: Brooklynnative at January 27, 2009 10:38 AM

Well, Brooklynnative, as we learned yesterday in the HOTD, there is ONE other factor. Brooklyn brownstone prices will fall if there has been a big fugly 8 story brick building put up across the street. There needs to be an uninterrupted continuum of brownstone for the relationship to hold.

I really think you're on to something here.

Posted by: daveinbedstuy at January 27, 2009 10:52 AM

If only the proceeds were to be used to settle LICH debt and not pad the pockets of Continuum Health Partners.

Posted by: CHMomma at January 27, 2009 10:54 AM

Oh yes their value will go up.. eventually. But it will go up from 10 not from a million. There is money for the long term investor not the flipper and speculator. Wonder if they will get Cocorean to do the brokering, they are soo good at sugar coating low valued homes and turning them into balloon lofts.

Posted by: hannible at January 27, 2009 11:34 AM

wtf is up with that building ont the corner of Congress and Henry? I always assumed it was a LICH building that they were just letting fall apart -- I now hear that someone bought in back in 2001 along with the adjoining carraige house, put up the scaffolding on Congress, West of Henry and then did nothing. Is there anyway to force him to sell it or repair it? It's' a shame to watch these nice buildings fall apart...

Posted by: cetus at January 27, 2009 1:20 PM

Cetus....corner of Congress and Henry is owned by the slum lord who lives/owns a couple of doors down on Henry (and who parks his Land Rover in the driveway of the carriage house). I hear he's fighting with his daddy over the property.

Posted by: CHMomma at January 27, 2009 1:53 PM

what about options to force him to do something before it falls down? Any ideas or is it a lost cause? I assume it's a landmarked building.

Posted by: cetus at January 27, 2009 2:04 PM

Oh yeah landmark building! Nothing says brownstone like being feet away from the BQE. You really get that Brooklyn brownstone feeling eveytime a truck hits a pot-hole.

Posted by: hannible at January 27, 2009 2:22 PM

easy there hannible - it's already landmarked - both congress street buildings in this discussion. and far enough away from the bqe you probably can't even hear it, let alone feel it.

as far as that henry/congress eye sore - it's almost as if the owner is purposely letting it go to waste.

hey - at least there's about 20+ cats that get to live in a nicely located brownstone and carriage house. i'm jealous of them.

Posted by: Danny Noonan at January 27, 2009 2:50 PM

Absolutely a case of intentional neglect. And those cats DO have it made. And you can't hear the BQE on Henry.

Posted by: Carol Gardens at January 27, 2009 4:21 PM

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