Thursday, December 25, 2014

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Third Developer Offers $240M for Struggling LICH

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TWC News: Third Developer Offers $240M for Struggling LICH
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SUNY Downstate has reached a tentative deal with another buyer for Long Island College Hospital.

Fortis Property Group has offered to purchase the property for $240 million, plus an additional $5 million aimed at addressing the specific health needs of the surrounding area.

The plan includes an emergency department and other medical services, but not a full-service hospital which is what community groups have been calling for.

NYU Langone Medical Center and Lutheran Health Services would operate the facility under their existing licenses.

The deal needs to be approved by both sides and the SUNY Board of Trustees.

This is the third time SUNY has tried to reach a deal with a developer.

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