clock menu more-arrow no yes mobile

Filed under:

Brooklyn Hospital Center close to $100M deal for its Fort Greene building

The hospital is close to selling the Maynard Building to the Rabsky Group, which wants to replace it with luxury development

Nearly two years ago, news emerged that the Brooklyn Hospital Center was looking to sell its 21-story residential and office building located at 240 Willoughby Street. Crain’s has now learned that the hospital is close to signing a $100 million deal with the Rabsky Group to sell off the property.

A few months after the announcement in 2016 that the Brooklyn Hospital Center was looking to sell the Maynard Building, some speculated that a potential sale of the building would generate about $115 million for the hospital.

The agreed upon amount with the Rabsky Group is not that far off, but the sale is likely contingent upon a zoning change to the site, according to Crain’s. An adjacent parking lot is part of the sale, and Rabksy hopes to add more residential development at the overall site. In order to do that, they will likely have to set aside a specific number of units for affordable housing.

A source informed Crain’s that with the upzoning in place, the Rabsky Group could build a 700,000 square foot luxury residential development. Meanwhile, the Brooklyn Hospital Center has already made provisions to move its offices from the Maynard Building to a new space at 620 Fulton Street.