COBBLE HILL — Fortis Property Group has completed its $240 million purchase of Long Island College Hospital, officials confirmed.
Almost a year after the State University of New York signed an agreement with Fortis and NYU Langone Medical Center, the developer announced that the acquisition of the embattled former hospital site had been finalized.
"Today's closing marks an important step forward. We look forward to refining our redevelopment plans over the next couple of months through our work with Council Member [Brad] Lander, other local elected officials and stakeholders, and the broader community," Fortis spokesman James Yolles said Thursday in a statement.
Madison Realty Capital gave Fortis a $107 million acquisition loan for the deal, according to Crain's New York Business, which first reported the news.
Fortis' plans for the LICH land parcel have caused outrage and conflict in Cobble Hill after the developer revealed its two proposals — both of which include at least one residential tower of 40 stories or more, alongide smaller towers.
Many residents believe the "out-of-scale" towers would cause a population explosion and traffic congestion in the small but wealthy neighborhood.
And earlier this week longtime Cobble Hill Association leader Roy Sloane resigned amid mounting criticism from members that he was not fighting hard enough to stop the Fortis plan.
Lander, whose district includes Cobble Hill and the LICH site, has been organizing a series of small and large meetings between the developer and local community members to create a dialogue towards a compromise between the two.
NYU Langone Medical Center plans to build a five-story ambulatory care clinic with an emergency room at Atlantic Avenue and Hicks Street. Renderings of the 160,000 square-foot center were published in New York YIMBY last month.
