Transactions - MAY 20, 2015

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Fortis buys hospital in Brooklyn, plans redevelopment

by Andrea Waitrovich

Fortis Property Group has completed its acquisition of the former Long Island College Hospital in Brooklyn for $240 million. The seller was State University of New York System.

Fortis partnered with N.Y.U. Langone Medical Center and Lutheran Medical Center to redevelop the site into an 820-unit luxury condominium building as well as a mix of medical services, including a freestanding emergency department. SUNY will invest $175 million in a new four-story facility that is twice the size of the building it originally proposed.

The agreement ensures that the hospital will not close its doors. The hospital became a financial strain to SUNY after it was acquired, and SUNY has been trying for two years to sell the hospital.

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