Rockrose pays $100M to SUNY hospital for dev site in Cobble Hill

Rockrose Development through the entity 97 Amity L.L.C. paid $100 million to SUNY Downstate Health Sciences University through the entity Downstate At LICH Holding Company, Inc. for the development site at 340 Henry Street in Cobble Hill, Brooklyn. The expected use is ground up development.
The deal closed on February 13, 2026 and was recorded on February 18, 2026. The property has 258,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $387 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on May 29, 2011, for $44.3 million. The signatory for SUNY Downstate Health Sciences University was Robert Haelen . The signatory for Rockrose Development was Patricia Dunphy . The contract date was September 16, 2025. PincusCo exclusively reported on the contract earlier this month.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Rockrose Development purchased two properties in two transactions for a total of $68 million and has no record it sold any properties over the past 24 months.
The seller SUNY Downstate Health Sciences University had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Cobble Hill has 258,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 404 feet deep with a total lot size of 80,800 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1 million judgment concerning a contract filed on May 28, 2025, by Fortis Property Group against SUNY Downstate Health Sciences University. In addition, according to city public data, the property has received 10 DOB violations, $2,500 in ECB penalties, and $11,135 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Cobble Hill, The bulk, or 31 percent of the 1.9 million square feet of commercial built space are walkup buildings, with specialty buildings next occupying 30 percent of the space. In sales, Cobble Hill has near average sales volume among other neighborhoods with $317.9 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Cobble Hill has had very little major development activity relative to other neighborhoods.It had 30,598 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 258,000 square feet on the block.The identified owner is Suny Downstate Health Sciences University.
There are no active new building construction projects on this tax block.

All properties are specialty.

The seller

The PincusCo database currently indicates that Suny Downstate Health Sciences University owned at least two commercial properties in New York City with 1,319,228 square feet and a city-determined market value of $304.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are specialty properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Rockrose Development owned at least 34 commercial properties with 6,526 residential units in New York City with 6,586,630 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.5 billion in debt, with top three lenders as Wells Fargo, Equitable Financial Life Insurance Company, and MetLife respectively. Within the portfolio, the bulk, or 71 percent of the 6,586,630 square feet of built space are elevator properties, with D4 properties next occupying 13 percent of the space. The bulk, or 43 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

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