The Real Deal New York

Brooklyn Hospital Center in talks to sell building on Fort Greene campus

21-story medical property set for resi redevelopment, with offers as high as $115M

April 18, 2016 03:20PM

Maynard Building

240 Willoughby Street in Fort Greene (credit: CoStar)

The Brooklyn Hospital Center is shopping around a 21-story medical building on its Fort Greene campus, with bids for the property coming in as high as $115 million.

A Cushman & Wakefield team led by Bob Knakal is handling the sale of the 150,000-square-foot property at 240 Willoughby Street, known as the Maynard Building. It currently holds offices used by doctors and medical staff for outpatient visits, as well as staff residences.

A successful bidder would be able to knock down the building and replace it with a larger residential tower potentially twice the size – up to 330,000 square feet, according to Crain’s.

The Brooklyn Hospital Center intends to use proceeds from a deal to help finance a recently outlined 25-year plan to update and build new medical facilities on its campus, which spans a whole block next to Fort Greene Park. The hospital intends to continue to lease and remain in the Maynard Building until 2019.

A new residential development at the site of the building could also include a private entrance to Fort Greene Park, a feature that would be unique to the property.

Nearby in Cobble Hill, the future of the Long Island College Hospital site – where developer Fortis Property Group is planning a residential redevelopment – is as yet unresolved, with Mayor Bill de Blasio’s administration recently intervening to work out a compromise with local politicians and community groups. [Crain’s]Rey Mashayekhi

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