LICH Deal Gets SUNY Approval

COBBLE HILL, NY—The State University of New York Board of Trustees Tuesday unanimously endorsed the agreement in principle with Fortis Property Group for the purchase of the former Long Island College Hospital complex in this Brooklyn neighborhood, authorizing the chancellor and SUNY to finalize the deal.

The total sale price is $240 million plus additional funds to cover the full operating costs for SUNY to run the emergency department during the transition period and $5 million for a community foundation to address the ongoing healthcare needs of the community. The sale will be secured by a $24 million deposit, or 10% of the purchase price at contract.