It turns out reports last week that developer Fortis Property Group had finally closed on the sale of the former Long Island College Hospital site in Cobble Hill were not entirely accurate. The complete sale will come in three parts, and may take years to complete. Fortis closed on the first of the three parts Friday, Brooklyn Eagle reported.
The “trifurcated closing schedule,” to use the legalese, consists of an “Initial Closing” portion, now complete. Yet to come are the “New Medical Site Closing” and the “Final Closing.”
Friday’s sale included the historic Polhemus Medical Clinic (pictured above), a parking garage on Hicks Street, part of Pacific Street’s Othmer Pavilion, and 14 other former LICH properties. Fortis has paid SUNY roughly half of the total sale price of $240,000,000, minus half its deposit and other incidentals.
The New Medical Site Closing installment of the sale requires Fortis to demolish the existing Fuller and Othmer Pavilion and pass the site on to NYU Langone, who will then build a new, 108,000 square-foot ambulatory care clinic on the site.
The Final Closing will not occur until NYU’s emergency room is up and running. At this time, Fortis will complete its payment in full, and assume control of all remaining buildings, according to the Eagle’s interpretation of court documents.
Fortis Officially Buys Long Island College Hospital Site in $240 Million Sale [Brownstoner]
LICH coverage [Brownstoner]
Complex Fortis Closing on LICH Site in Brooklyn Partially Complete [Eagle]
Rendering by BKSK Architects via the Landmarks Preservation Commission