The Real Deal New York

Developers eye possible conversion of Cobble Hill’s Long Island College Hospital

March 26, 2013 12:00PM

The prospect of Cobble Hill’s 150-year-old Long Island College Hospital closing its doors for good has NYC’s developers drooling at the thought of $1 billion worth of new construction and conversions, according to the New York Daily News.

The prime Brooklyn site includes five main and several smaller buildings, a waterfront parking lot and townhouses all around Atlantic Avenue and Henry and Hicks streets.

One expert estimated the hospital’s total assets at $750 million to $1 billion and developers are hoping for a project similar to the one planned by Two Trees Management Company for the old Domino Sugar factory, according to the Daily News.

“This property is unique,” Michael Stern, JDS Development managing director, said. “The opportunity for a developer to build something of this scale in a premium Brooklyn neighborhood just doesn’t happen. LICH will attract the biggest international developers.”

But some are bemoaning the lose of the area’s only hospital and the possibility that hundreds of luxury condos could eat away more at the neighborhood’s character.

“All people want these days are luxury housing with views,” Sotheby’s International Realty’s Karen Heyman, told the Daily News. “Young buyers don’t think about (the need for) a hospital nearby. It will be a terrible loss for the neighborhood.” [NYDN]Christopher Cameron

  • Joe

    That picture is not long island hospital.

    • gbkm

      it was until it was pilfered away by the hospitals previous operator

  • Matt

    Joe: Actually it is the Lamm Institute, a former building that was part of LICH. It was neglected and eventually sold to a developer who divided it up into 3 renovated townhouses. So while it’s not currently LICH, it was just a few years ago.

  • tim

    i wonder how many of the elected officials who are going thru the motions of “fighting” to prevent the closure are also being lobbied, courted, & contributed to by all these developers at the same time. A growing community needs a fire dept, a school, a park, a librar,y AND a hospital. The real deal should be to save the hospital & sell off
    its unneeded properties.