COBBLE HILL, NY—The State University of New York Board ofTrustees Tuesday unanimously endorsed the agreement in principlewith Fortis Property Group for the purchase of the former LongIsland 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 tocover the full operating costs for SUNY to run the emergencydepartment during the transition period and $5 million for acommunity foundation to address the ongoing healthcare needs of thecommunity. The sale will be secured by a $24 million deposit, or10% of the purchase price at contract.

Fortis has committed to construct a new state-of-the-art primarymedical facility that will be subject to a 20-year deed restrictionfor medical use.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.