Two Injured, One Seriously, By Falling Bricks at Former LICH

Update: The two injured were workers on the demolition site. They were taken to New York Methodist Hospital in Park Slope. Read more in Mary Frost’s Eagle story. Sadly, News 12 Brooklyn reports that today at about 1:00 p.m. two people were injured, one seriously, by falling bricks at 339 Hicks Street, the former Long Island College Hospital now under demolition by Fortis Property Group’s contractor. According to the News 12 story, both victims were taken to “Long Island College Hospital”, presumably meaning the emergency room on the former LICH site run by NYU Langone. One person was treated for minor injuries; the other is reported to be in “serious but stable condition.” The names of the victims have not yet been released. We will update this story when possible.

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  • Jorale-man

    Ugh. If you walk around Cobble Hill, you’ll see “now towers” signs in many of the windows, referring to the new skyscrapers planned for this site. I wish them well in the effort (and would help if I can) but it’s going to be an uphill battle to stop those.

  • bpelle

    I agree. There’s NO chance that those towers will be stopped. Politicians in New York City and State are all employees of the real estate developers.

    The best bet to turn the tide is to constrain the Fed’s ability to print money. Printing money is *temporarily* making developers rich and fueling the crazy building boom.

  • Andrew Porter

    Huh? This is crazy talk, especially the second thought. Do you really think real estate developers walk around with enormous bags of money to finance deals? Ever heard of the banking system?

  • bpelle

    Let’s review some basic finance.

    The value of capital is based on the discount rate and expected proceeds. The Fed has reduced the discount rate all along the curve by buying assets using money it creates on its own balance sheet. That increase in the value of capital incentivizes investment in long-duration projects, such as real estate development.

    At the same time, the reduction along the curve has pushed investors to “reach for yield”, resulting in financing moving from risk-free assets to riskier assets – such as real estate development.

    Therefore artificially reducing the interest rate via monetary interference by the central bank:

    1) Increases the current value of real estate collateral
    2) Increases the availability of financing through the banking system and
    3) Increases the desire to increase investment in long-duration projects.

    I’d suggest reading some Hayek to better understand the process.

  • Concerned

    When you say “best bet”, are you actually referring to pie in the sky/no chance in hell/I’m just throwing something out there that might make theoretical sense but probably isn’t that connected? Because if you are, bravo. If not, then I suggest you adjust your aluminum foil hat.

  • bpelle

    There you go with those ad hominems again.

    Read my response to Andrew below. The building boom is fueled by monetary policy. Changing the Fed’s operating model to prevent manipulation of the yield curve will end such booms. It really isn’t very complicated or all that controversial.

    Again, I would suggest reading some of Hayek’s work for a better understanding of the topic.

  • Andrew Porter

    As this relates to “Falling Bricks” how?

  • Andrew Porter

    Seriously off-topic post.

  • bpelle

    The discussion Jorale-man started was how to stop the towers from being built. My position is that any political route would be fruitless because of the political power of real estate developers.

    Reducing the power of the developers requires a change in the operation of monetary policy.

    You said my point was “crazy talk” and didn’t seem well informed on the basic points of finance. I explained to you the financial reasons for the boom in real estate. Ending the boom would stop the project – and others like it – from moving forward.

    I’d also point out that tossing around ad hominem attacks is not acceptable on a discussion board for adults.

  • Karl Junkersfeld

    We have seen this act before when money is cheap and investors absorb more risk in their portfolios. It’s called a bubble. Let’s hope we don’t revisit 2008 again. Supposedly the Fed knows what they are doing and they begin to increase interest rates gradually. Ironically, the Republicans have been warning about the dire consequences of printing money and maintaining low interest rates but inflation has been inconsequential. The building boom in some area’s , like Brooklyn Heights, appears to be extremely profitable until it isn’t and then the real estate boom goes bust and it all crashes down, hence the relation to the bricks that fell at LICH.

  • Boerum Bill

    Good thing they were near a hospital…oh, wait!

  • JS-1

    I suggest you cease your obnoxious rock throwing and learn some higher economic theory. Read the Fed’s own internal minutes. Bedell is exactly correct NONE of this real estate feeding frenzy would be possible without banks writing paper under fed policy. The policy/actions of the fed is exactly the heart of this topic. Learn something BEFORE you assault someone. And how have you suddenly become the grand reference point here?

  • Andrew Porter

    Read the headline. Then give more than 2 seconds thought to contemplate how your post relates to this topic, which is about people hurt in a construction accident.

    “Rock throwing”? “Assault someone”? Seriously inflammatory words.

  • JS-1

    Seriously accurate words.

    And by the way Andy, again, how is it that you’re being installed as the great reference point for wisdom. Who heard of you till 2-3 years ago, now you’ll decide what’s reasonable thought and permissible speech. Really?

    Who’s installing you as the grand font of wisdom in this new Heights….

  • Quinn Raymond

    This is extremely troubling and infuriating. What are Fortis and the DOB doing to address this safety failure?

    A toddler was killed on the UWS from falling bricks last year:

  • Andrew Porter

    If you insist on using a nickname for me, then am I to presume your “JS” is short for “Just Stupid”?