The Real Deal New York

Fortis wants $79M sellout for 25 BK condos

Project is just one of a handful of condominiums the developer is bringing to the Cobble Hill LICH site
By Will Parker | January 18, 2018 01:00PM

From left: Joel Kestenbaum, a rendering for the Long Island College Hospital redevelopment in Cobble Hill and Jonathan Landau (Credit: CityRealty and Larry Ford)

Jonathan Landau and Joel Kestenbaum’s Fortis Property Group is looking to sell 25 apartments at 5 River Park for a total of $78.9 million, an offering plan filed with the New York State Attorney General’s office shows.

The under-construction building in Cobble Hill, formerly known as 347 Henry Street, was part of the state-owned Long Island College Hospital complex. Fortis picked up the buildings in 2015.

Landau did not immediately return a request for comment.

The developer applied to test the market for condos at 5 River Park last spring, along with 91 Pacific Street (94 condo units) and 350 Hicks Street (48 condo units). Previously, Fortis considered bringing affordable housing to the site, but only if it could obtain a rezoning allowing for a height increase at its new towers. The company ditched those plans in 2016 and moved forward with an as-of-right market-rate project.

Last month, Fortis reported in AG filings that its condo conversion at 100 Amity Street—one of the original LICH buildings—had 58 percent of the units under contract.