Rockrose Development has finally put a giant missing piece of Cobble Hill real estate on its board. The firm closed Friday on a roughly $100 million deal for the long-vacant Long Island College Hospital block, giving the Elghanayan family company control of an entire city block that has sat empty since the hospital shut down. Coming on the heels of Rockrose's August 2024 purchase of the parcel across the street, the move hands one developer a rare, contiguous site and sets the stage for a fresh round of neighborhood battles over what gets built and who benefits.
According to The Real Deal, the acquisition covers the tax block that includes 363 Hicks Street, 365 Hicks Street, 97 Amity Street and 340 Henry Street. Newmark brokers Dan O'Brien and Jimmy Kuhn handled the sale. The Real Deal reports that the purchase closed Friday and that Rockrose had already picked up 91–95 Pacific Street last year.
Per a state document summarized by PincusCo, the transfer needed sign-off from the New York State Attorney General because the seller is linked to a nonprofit holding company. In that January 29 filing, the state noted that ongoing litigation between Downstate at LICH and Fortis should not block the sale and that a portion of the proceeds will be placed in a segregated fund for operational and litigation expenses.
How the pieces fit
Rockrose's latest buy pairs with its August 2024 acquisition of 91 Pacific Street for about $65 million, a deal first reported by the Commercial Observer. That earlier parcel was sold by Madison Realty Capital after Fortis Property Group's plans stalled and lenders stepped in, giving Rockrose contiguous land and flexibility that could support a residential project without an upzoning fight.
Legal tangle remains but is not stopping the deal
The Attorney General's approval explicitly stated that the sale could move forward despite two active lawsuits tied to the site's 2015 disposition, according to PincusCo. Those cases stem from disputes between Downstate at LICH and Fortis affiliates, have played out in state court, and were not expected by the AG to derail the transfer.
What neighbors will want
Local leaders who fought Fortis' past rezoning push, including then Councilmember Brad Lander, pushed hard for deeper affordable housing and broader community benefits, as reported by the Brooklyn Paper. Preservationists and school advocates are likely to press Rockrose for similar concessions if the company comes in seeking rezonings or other land use changes.
So far, there are no public building plans on file, and Rockrose has not unveiled any designs, according to industry coverage, so the next visible steps will be permit filings and any required public review. As Bisnow pointed out, the purchase is another sign that developers still see serious upside in tightly held Brooklyn land. Neighbors, for their part, will be watching closely to see how much of that upside stays in Cobble Hill.
