The Brooklyn Eagle’s Mary Frost writes in today’s edition that Long Island College Hospital would be worth more “dead than alive” according to insiders. How much more? At least $100 million more:
Brooklyn Eagle: “There is no question that this would be a very valuable asset, and could likely fetch over 100 million dollars in a sale,” Timothy King, Managing Partner of Real Estate Services for CPEX, told the Brooklyn Eagle on Thursday, providing a quick and dirty property estimate.
King, who was a trustee at Brookdale Medical Center and was involved as a broker in selling the former St. Mary’s Hospital on behalf of St. Vincent’s Hospital in Manhattan, added, “Based on my experience, the closure and sale of a hospital is not easy or pretty.”
“It seems that the hospital is in an R6 zoning district and is ‘overbuilt’ by about three times what zoning would allow,” he said. “Further complicating the equation is the hodge podge of smaller homes and buildings that the hospital owns in the neighborhood.”
The $100 million figure would include all of the properties, he said.
Meanwhile, local elected officials, community leaders and residents gathered at LICH Friday to voice their concern: