Given that Long Island College Hospital sits on fairly valuable Cobble Hill real estate and that the institution has been bleeding money, it's not shocking that it's being sold off piece by piece. Doctors had a rally yesterday to say they're being squeezed out by the property sales and that the bigger picture may be a full closure of the facility. So far, an estimated $50 million in property has been sold as five clinics have been closed. Two of the properties have spawned some of the more colorful debates in Carroll Gardens and Cobble Hill. One is the former International Longshoreman's Association building at 340 Court Street which sold by the hospital and is being developed by the Clarret Group after much acrimony. The other is a former hospital building at 110 Amity Street (called the Amity Street Horror by critics), which developer Time Equities is rushing to get approved as a condo. Meanwhile, the head of the company that owns the hospital says that it's common for hospitals--for instance, St. Vincent's--to try to cash in on their real estate: "What’s St. Vincent’s except a real estate strategy?" he says.
· Doctor's Say Hospital Is Falling Victim to Its Own Real Estate Value [NYT]
· Doctors Fear Brooklyn Hospital to Shut [NYDN]