The Daily Dirt: A Rockrose development grows in Brooklyn

"There's a common belief these days that there's nowhere left to build in the city. But Rockrose Development's $100 million purchase of a Brooklyn city block, which closed Friday, shows that's not entirely true it just might not be easy. The sale follows Rockrose dropping $65 million on a neighboring parcel in Cobble Hill that had been the site of many plans and zero apartments. Both sites were once the home of Long Island College Hospital, which Rockrose has now pieced back together."

"Fortis seemed to have bought first and planned second. Its initial rezoning vision was shot down by then-City Council member Brad Lander, who was looking for more affordable housing and community benefits than Fortis seemed equipped to provide. Meanwhile, the developer became locked up in a lawsuit with SUNY over what the college claims was Fortis' failure to close on a second part of the deal that would have served as a medical campus for New York University."

Rockrose Development closed a $100 million purchase of Brooklyn parcels that were part of Long Island College Hospital. Rockrose paid $65 million for an adjacent Cobble Hill site. Madison Realty Capital bought the Pacific Street parcel from Fortis Property Group after foreclosure on a $48 million loan. Fortis' rezoning was rejected by then-City Council member Brad Lander over affordable housing and community benefits, and Fortis entered a lawsuit with SUNY over a failed closing tied to a proposed NYU medical campus. Newmark brokers Dan O'Brien and Jimmy Kuhn handled the sale; the New York State Attorney General approved due to nonprofit involvement. Rockrose now controls parcels that could support multi-family development without rezoning.

Read at therealdeal.com