NEW YORK CITY-State University of New York officials now calculate Long Island College Hospital's financial liabilities at approximately $500 million.
The institution's increasing liabilities will far exceed proceeds SUNY could expect from a sale of the property, according to the Wall Street Journal. SUNY Downstate Medical Center is trying to sell the Brooklyn-based hospital to a developer or another operator.
SUNY officials say that three appraisals of the Cobble Hill property have come in at a range from $228 million to $278 million.
SUNY Downstate acquired the hospital in 2011 and hoped it would act as a satellite hospital for its University Hospital of Brooklyn. SUNY Downstate was confident it could turn around the hospital's finances. However the hospital's losses have continued to mount since then.
"It's a failure in that it's unfortunate that this hospital is not sustainable," said Carl McCall, chairman of the SUNY board of trustees. "We're just not in a position to continue to do it. This is a further drain on our mission." See story in the Wall Street Journal.
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