Henry Elghanayan’s Rockrose Improvement is again to choose up what it left behind at Lengthy Island School Hospital’s former Cobble Hill web site.
Rockrose is in contract to purchase a Brooklyn metropolis block from an entity tied to LICH and SUNY Downstate Well being Sciences College, PincusCo reported. The $100 million contract is topic to approval from the New York State Legal professional Common’s workplace, as a result of nonprofit concerned.
The 258,000-square-foot constructing stretches throughout 4 parcels: 363 Hicks Avenue, 365 Hicks Avenue, 97 Amity Avenue and 340 Henry Avenue. It final traded fingers in 2011 for $44.3 million, although town valued it at $120.7 million in 2022.
A consultant from SUNY Downstate didn’t instantly reply to a request for remark from The Actual Deal. Rockrose couldn’t be reached.
Lower than two years in the past, Rockrose purchased 91-95 Pacific Avenue — simply north of the most recent pending acquisition — from Madison Realty Capital for $65 million. Earlier plans on the web site known as for a condominium challenge, which Rockrose didn’t affirm can be within the offing.
There’s been loads of controversy across the bigger LICH holding.
Fortis Property Group sold the Pacific Avenue web site, together with 350 Hicks Avenue, to Madison Realty in October 2022 to keep away from foreclosures. Fortis deliberate to construct two rental buildings with a complete of 150 models, most of which might be on the Pacific Avenue web site.
Madison, the challenge’s lender, initiated a UCC foreclosures on the fairness pursuits within the websites after Fortis defaulted on $47.7 million in debt, however the events reached a settlement; Madison held onto the Hicks Avenue web site in the interim, but it surely’s unclear if it’s modified fingers since.
Fortis purchased the previous hospital campus from the State College of New York in 2015 for $240 million after state officers voted to shut the hospital, which had been working for greater than 150 years.
Fortis later deserted plans to rezone the location after failing to come back to phrases with then-Metropolis Council member Brad Lander, who sought strong reasonably priced housing, a college and different neighborhood advantages. The developer as an alternative pursued a plan to construct a smaller, market-rate challenge that required no political approval.
Subsequently, Fortis and SUNY accused one another of failing to meet their obligations below the 2015 sale. The college system sued Fortis for failing to shut on the second section of the deal. Fortis, in response, mentioned SUNY ought to have coated prices related to development delays, which the developer blamed for holding up 2 River Park.
There are nonetheless two lively courtroom instances associated to the dispute, although they aren’t anticipated to carry up the sale.
Learn extra
Fortis sells large Cobble Hill site to Madison Realty after foreclosure threat
Fortis, SUNY at each other’s throats over troubled Cobble Hill project
Rockrose pays $65M for former Long Island College Hospital site
