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Tannenbaum Helpern’s Client’s Purchase Of Long Island College Hospital Ranked Among The Top 3 Real Estate Development Deals In 2014 By The Real Deal
01.13.2015 • Press Release
New York, NY — With a purchase price of $240 million, The Real Deal ranked Fortis Property Group's acquisition of the Long Island College Hospital campus in Cobble Hill, Brooklyn #3 in its list of "Top 10 Development Deals of 2014". Tannenbaum Helpern represented Fortis Property Group in the purchase. According to The Real Deal, while it is not the biggest transaction in terms of dollars, it may be the most unique and interesting. The process of Fortis entering into multiple agreements with the State University of New York for the purchase of this site took over a year to complete, full of twists and turns. Fortis partnered with NYU Langone Medical Center, which took over the operations of the existing hospital emergency department and will be operating an NYU Langone medical facility to be developed on the site. Fortis plans on developing the balance of the site primarily as a residential project. The deal involved heavy negotiations with key players while addressing the concerns of the seller, community groups and other stakeholders.
"We are proud to have represented Fortis on the transaction. The deal was highly complex and involved intense negotiations. We were happy to help iron out the differences while keeping our client's interests in mind and ultimately bring it to a successful closing," said Robert E. Helpern, Chair of Tannenbaum Helpern's Real Estate department. The Tannenbaum Helpern team was led by Helpern and Eric S. Schoenfeld, a partner in Tannenbaum Helpern's Real Estate department.