Complex Fortis closing on LICH site in Brooklyn partially complete
3-part closing could take years
Fortis Property Group has completed the initial closing on a large chunk of the site of Long Island College Hospital (LICH) in Cobble Hill, but the final closing on the property may be years down the road.
The complex plan was overseen by state Supreme Court Justice Johnny Lee Baynes. It includes developing residential towers on the site of the former hospital, paying off debt and establishing a stand-alone Emergency Department and other medical services, and will roll out in three tranches.
Court documents refer to the process as a “trifurcated closing schedule” consisting of the “Initial Closing,” the “New Medical Site Closing,” and the “Final Closing.”