COBBLE HILL, NY—The State University of New York Board of Trustees Tuesday unanimously endorsed the agreement in principle with Fortis Property Group for the purchase of the former Long Island College Hospital complex in this Brooklyn neighborhood, authorizing the chancellor and SUNY to finalize the deal.
The total sale price is $240 million plus additional funds to cover the full operating costs for SUNY to run the emergency department during the transition period and $5 million for a community foundation to address the ongoing healthcare needs of the community. The sale will be secured by a $24 million deposit, or 10% of the purchase price at contract.
Fortis has committed to construct a new state-of-the-art primary medical facility that will be subject to a 20-year deed restriction for medical use.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
