On September 24, 2015, we 1st posted a blog regarding Fortis Property Group's purchase of the development opportunity at Long Island College Hospital, after years of legal battles and community dissent.
Fortis purchased the Cobble Hill sites for $240M as part of a deal with State University of New York to acquire the buildings that were previously part of the Long Island College Hospital campus.
Fortis pursued a rezoning and promised affordable housing in exchange for more units (density), but could not make it happen. Fortis dropped the rezoning plan and went with a plan to build market rate condominium apartments.
Fast forward to October/November 2022 and Fortis Property Group unable to bring this project to fruition and facing foreclosure, they avoided foreclosure by reaching a deal to sell the properties to their lender, Madison Realty Capital. The deal with Madison includes the sites at 350 Hicks Street and 91-95 Pacific Street.
Fortis had originally planned 3 developments south of Atlantic Avenue called River Park. On Pacific Street was to be the tallest building 2 River Park planned for 102 units and on Hicks Street, 1 River Park planned for 48 units.
Madison Realty Capital initiated the foreclosure on equity interests for 350 Hicks Street and 91-95 Pacific Street which satisfied debt in the amount of $47.7M. There is no clear answer as to why Fortis defaulted on the debt.
Madison will rework the plans for 350 Hicks Street and 91-95 Pacific Street.
To be continued...
If you are interested in selling your property or you know someone who is planning to sell their New York or Brooklyn property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
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