At former LICH site, developer runs into financial trouble
'River Park' designed to replace former hosptial buildings
Eight years ago, many Brooklyn Heights and Cobble Hill residents, as well as elected officials and members of the medical profession, were up in arms about the sale of Long Island College Hospital’s campus to a developer whose plans included residential housing as well as a freestanding urgent care unit.
Now, that developer’s plans for the site appear to have hit a problem.
Lender Madison Realty Capital has initiated a Uniform Commercial Code, or UCC, foreclosure sale for equity interests, meaning ownership interest in a business entity, against Fortis Property Group on development sites at 350 Hicks St. and 91-95 Pacific St., according to The Real Deal, an industry website.