Fortis sealed the deal. After a multiyear acquisition process fraught with controversy and litigation, developer Fortis Property Group closed on the sale of the former Long Island College Hospital, according to Crain’s. Fortis purchased the LICH complex for $240,000,000 from the State University of New York.
The deal encompasses about 20 existing buildings in Cobble Hill — roughly 542,000 square feet of space — and brings Fortis one step closer in its plan to build four high-rise residential towers and other developments at the site. Members of the local community opposed the sale and continue to fight the high-rise construction.
The sale was subject to a lengthy public bid process and litigation, including a 2014 lawsuit brought against the developer by the New York State Nurses Association who claimed that Fortis hadn’t followed through on its promise to rehire nurses who had been laid-off from LICH. A judge dismissed the suit in September.
The sale was also reportedly held up by environmental issues at the site. State officials approved the sale in October, even as City Council member Brad Lander called for an investigation into the bidding process for the site. Crain’s reported that Lander and Fortis have been meeting in recent months.
After a Long Haul, $240 Million Sale of Long Island College Hospital Is Finalized [Crain’s]
Embattled Cobble Hill Association Exec Roy Sloane Steps Down Amid Controversy [Brownstoner]
Rendering Revealed for NYU’s Medical Center on Atlantic Avenue at LICH [Brownstoner]
Fortis Proposes 20 Percent Affordable Housing for Controversial LICH Towers in Cobble Hill [Brownstoner]
LICH Coverage [Brownstoner]
Update: The sale on the site was not completed. Rather, Fortis will close on the LICH site in three installments.