Eagle: LICH Worth More Dead Than Alive

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:

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  • sky

    Every few years there is a rally to “save” LICH. I like LICH, but if they have been losing money for 17 years and about to have a year with a 73 mil deficit, maybe they should be closed? Or at least fire the current administration.

  • Gerry

    @ sky – yes the problem includes Continum Health Partners – and lower Medicaid reimbursments and mangaed care all hospitals are having a hard time not just LICH. LICH has a public relations problem with the “haves” too many “have nots” at LICH so the insured and the well-insured go elsewhere.

  • MonroeOrange

    Gerry…the point is this is the only emergency room for ‘brownstone brooklyn’…wake up…you’ll change your tune if you or a family member has an emergency and minutes matter…

  • rockyrn

    How many thieves are going to loot this hospital. They claim they are losing money, do you know they are 120 days behind in thier billing. Even a bigger joke, do you know who SUNY Downstate hired to do thier billing Continuum Health. How hysterical the company that sold LICH after they gutted the place, hmmm 120 days behind, hey SUNY , Continuum is concerned with their billing not yours. SUNY Downstate fought to take LICH a private hospital 2 years ago because the community could not survive without these services, now they are trying to dump it for $500 million for condos to be built. The admistrators atSUNY are trying to save the jobs at Clarkson ave site, they has been mismanaged since the 50’s. Didnt the NYFD determine the Clarkson ave site is unsafe and dangerous if a fire broke out. Shame on you President John Williams, you have selfish intentions, which is not for Brooklyn families

  • Remsen Street Dweller

    I have been a patient at LICH many times over the years — admitted via the ER — and I can tell you that it is an important asset to our community. I would be very saddened by its closing.

  • TeddyNYC

    Exactly. The extra time it will take to get to Brooklyn Hospital (not any better than LICH) or Methodist could make all the difference in the world. I hope we don’t become a medical emergency desert.