Real estate disputes come in all shapes and sizes. A particularly heated dispute, which could have ramifications for many residents of downtown Brooklyn, involves the possible redevelopment of Long Island College Hospital into condominiums and a "medical mall."
The State University of New York owns the hospital, and because the hospital reportedly loses about $13 million each month, SUNY had plans of selling the property to a real estate group. However, the hospital's board thought otherwise.
In less than 24 hours after it was announced that the hospital might be converted into a mixed-use property with condos and urgent-care facilities, the plan was stopped by the hospital's board. Mayor-elect Bill de Blasio has also voiced opposition to closing the hospital.
SUNY's chairman of the board of trustees was reportedly "exasperated" when he heard that the plans for redevelopment would be halted until the new mayoral administration moved into office.
While the fate of the hospital remains to be seen, some, including at least one organizer for the Concerned Physicians of LICH, believe the hospital's days are numbered.
LICH reportedly has liabilities that come to $500 million, and the sale of the hospital in the now tabled deal was expected to bring about $300 million. SUNY has indicated that six other proposals exist, and the plan for condos and urgent care made the most financial sense.
Complex construction and redevelopment plans such as this one require careful planning and attention to detail. Particular properties call for specific plans, and not every proposal is the right one. New Yorkers on either side of such a debate need to have someone in their corner with the legal knowledge to negotiate for a favorable outcome.
Source: Curbed, "Condo Redevelopment Plan Halted For Brooklyn Hospital," Jessica Dailey, Dec. 18, 2013