Brooklyn Hospital Sells Willoughby Street Property For $100M

Brooklyn Hospital Sells Willoughby Street Property For $100M
Brooklyn Hospital’s Maynard Building, 240 Willoughby Street, Fort Greene (Photo: Scott Bintner via Property Shark)

FORT GREENE – Brooklyn Hospital is finalizing a deal to sell a 21-story medical building located at 240 Willoughby Street to the real estate development firm, Rabsky Group, for $100 million, Crain’s New York reported last week.

The Maynard Building overlooks Fort Greene Park and offers 350,000 square feet of residential development, however Rabsky Group is also looking into purchasing an adjacent parking garage owned by Brooklyn Hospital which would allow additional residential development for a total of 700,000 square feet. The deal for the garage property is contingent on rezoning for the additional residential development, and Rabsky will likely have to include affordable housing units in the planned luxury residential project, according to Crain’s.

The sale of the Maynard Building to the Rabsky Group adds up to “a little less than half” of the real estate the hospital occupies in Fort Greene, according to the Crain’s article. Brooklyn Hospital will put the proceeds from the sale towards developing new properties and upgrading existing facilities.

Brooklyn Hospital has already signed a lease to relocate its offices and medical facilities  currently in the the Maynard Building over to a new building at 620 Fulton Street, where it will share space with the New York Hotel Trades Union Health Center, a facility that opened last summer and provides free healthcare to members of the New York Hotel and Motel Trades Council union.

Rabsky Group is developing the Pfizer site in Broadway Triangle into a one million-square-foot residential complex with more than 1,000 units as well as the former Rheingold Brewery site in Bushwick into approximately 1,400 residential units.

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