The Fort Greene medical center that wants to buy Long Island College Hospital and turn it into apartments with some medical facilities has come a long way since 2005.
That year, Brooklyn Hospital Center found itself hundreds of millions of dollars in debt and managers filed for Chapter 11 bankruptcy. But now, the hospital is apparently in the black and wants to buy its Cobble Hill counterpart, with the help of a private equity firm and a developer, Crain’s New York Business reported.
“Brooklyn Hospital Center is doing well economically, overall,” said Brooklyn Hospital spokesman Eric Sommer, who would not speak on the record about his company’s takeover bid.
This is not the first time that Brooklyn Hospital has stood to bail out other healthcare providers. A state-commissioned report on Brooklyn hospitals in 2011 recommended that the institution merge with Interfaith Medical Center and Wyckoff Heights Hospital to keep those hospitals alive.
“In light of the precarious financial positions of Interfaith and Wyckoff, the [consultants] would like to ensure that Brooklyn Hospital, which has recently emerged from bankruptcy and is demonstrating sound financial practices, is not brought down by this plan,” the report said.
Brooklyn Hospital did not bite, and Wyckoff and Interfaith are still struggling to stay open. But the Long Island College Hospital pitch, which involves keeping some medical facilities open but turning other property over to apartments, is attractive to Brooklyn Hospital. It cannot hurt that the Cobble Hill wellness center sits on real estate valued at as much as $500-million.
Brooklyn Hospital is part of the New York-Presbyterian Healthcare System, as is Park Slope’s New York Methodist Hospital, which is also looking to expand.