The Real Deal New York

Bill for Long Island College Hospital redo could hit $1B: report

Industry insiders put much higher price tag on project than consortium that won bidding
April 15, 2014 02:40PM

Real estate industry insiders suspect the redevelopment of the Long Island College Hospital could take more time — and a lot more money — than the project’s leaders estimate.

Brooklyn Health Partners, a consortium that won a $500 million investment bid for the struggling Cobble Hill hospital earlier this month, including a $250 million property buy, is planning to install a full-service hospital and erect “some high-rise buildings” on the site by September of 2017, Capital New York reported.

Sources told the news outlet the project will likely take substantially longer, however. And it could run nearly $1 billion, they say, considering the expected million-square-foot footprint for the redevelopment.

“A million feet is a lot of space anywhere,” Stephen Palmese, a partner at Massey Knakal Realty Services, told Capital New York. “It’s a lot for Manhattan and it’s certainly a lot for Brooklyn.” Currently Brooklyn Health is involved in sale negotiations with SUNY, the article said.

“If you were going to close on the sale today it would take nine months to a year to get permits,” Palmese told the news website. “Then, geez, total time, it would take two years to build it so you’re looking at 30 months plus or minus to get that built.” [CapitalNewYork]Angela Hunt