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

TRD New York /
Apr.April 15, 2014 02:40 PM

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


Related Articles

arrow_forward_ios
Carroll Gardens and Flatbush in Brooklyn (Photos by Steven Pisano via Flickr; Mrbrklyn via Wikipedia; iStock)

Brooklyn’s most and least expensive neighborhoods

Brooklyn’s most and least expensive neighborhoods
198 Warren Street and 1 Clinton Street in Brooklyn (Google Maps; One Clinton BK)

Only four Brooklyn lux deals for fifth time in six weeks

Only four Brooklyn lux deals for fifth time in six weeks
38 Hicks Street and 58 Butler Street in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury resi market sees big dropoff in activity

Brooklyn’s luxury resi market sees big dropoff in activity
Renovations plans for the BQE would give nearby real estate a big boost, sources say. (Credit: Getty Images)

BQE project would yield Brooklyn real estate boon: locals

BQE project would yield Brooklyn real estate boon: locals
31 Schermerhorn Street and 234 Clinton Street in Brooklyn (Credit: Google Maps, StreetEasy) 

Another Cobble Hill townhouse is Brooklyn’s priciest contract of the week

Another Cobble Hill townhouse is Brooklyn’s priciest contract of the week
355 Henry Street

Cobble Hill townhouse was Brooklyn’s priciest contract last week

Cobble Hill townhouse was Brooklyn’s priciest contract last week
166 Amity Street and 210 Pacific Street in Brooklyn (Credit: StreetEasy)

Cobble Hill townhouse is again priciest Brooklyn contract

Cobble Hill townhouse is again priciest Brooklyn contract
94A Amity St and 35 Prospect Park West (Credit: StreetEasy)

Cobble Hill townhouse was priciest Brooklyn contract last week

Cobble Hill townhouse was priciest Brooklyn contract last week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...