Rockrose to Acquire Shuttered Long Island College Hospital for $100M

More than 10 years after shutting down, a former hospital covering a full city block in Brooklyn’s Cobble Hill neighborhood is set to sell for $100 million, according to an approval letter from the Office of the New York State Attorney General last week.

Henry Elghanayan’s Rockrose Development is in contract to buy the former Long Island College Hospital (LICH) site — which has addresses of 363 Hicks Street, 365 Hicks Street, 97 Amity Street and 340 Henry Street — from the an entity tied to the State University of New York (SUNY), according to the letter. PincusCo first reported the news.

No building plans have been filed for the site yet, but news of the deal comes after Rockrose bought the empty lot at 91 Pacific Street — just across the street from its new acquisition — from Madison Realty Capital in August 2024 for $65 million, as Commercial Observer previously reported. Rockrose hinted at the time that it planned to turn 91 Pacific Street into a residential development.

Spokespeople for Rockrose and SUNY did not immediately respond to requests for comment.

LICH opened in 1858 as a hospital and medical school. SUNY bought the building in 2011 for $44.3 million, officially merging with LICH and renaming it the University Hospital of Brooklyn at Long Island College Hospital. However, the hospital officially closed in 2014 after years of financial struggles, Bisnow reported.

The site has sat empty for more than 10 years following its closing after several failed redevelopment plans. In 2014, SUNY had agreed to a deal with Fortis Property Group to acquire and redevelop the building into a full-service hospital operated by NYU Langone, but Fortis never proceeded with the project, leading to a lawsuit between SUNY and Fortis in 2023.

Isabelle Durso can be reached at idurso@commercialobserver.com.