Rockrose signs $100M contract for entire Cobble Hill city block once owned by LICH

Rockrose Development, led by Henry Elghanayan and his family, through the entity 97 Amity L.L.C., signed a $100 million contract to buy an entire city block in Cobble Hill formerly owned by Long Island College Hospital, or LICH. The property has the addresses 363 Hicks Street, 365 Hicks Street, 97 Amity Street, and 340 Henry Street.

Rockrose paid $65 million in 2024 to purchase a development site, 91 Pacific Street, from Madison Realty Capital, just north of this tax block.

The existence of the contract was disclosed in a document dated January 29, 2026, that the New York State Attorney General published, that memorialized the state office’s approval of a petition the nonprofit property holding entity Downstate at LICH Holding Company Inc., made seeking approval of the sale to Rockrose. The closing date was not disclosed.
The parcel is subject to two ongoing state court cases, but those cases should pose not an impediment to this transaction, the approval document said. The cases are Downstate at LICH Holding Company, Inc. v. Fortis Property Group, LLC, Albany County Index No. 907530-23 and FPG Cobble Hill Acquisitions, LLC v. Downstate at LICH Holding Company, Inc., Kings County Index No. 517473/2025.
According to the AG approval document, “The Petition represents that neither action has the potential to impact Petitioner’s right to transfer the Subject Property. This Approval shall not be construed as taking any position on the merits of either litigation or the relief sought therein.”

The parties signed the contract September 16, 2025.

The sale includes all buildings on the tax lot, including those sold to New York University in 2023. The “Subject Property includes all buildings and structures, and all improvements, fittings and fixtures of every kind appurtenant to and used with the aforementioned land.”

Part of the proceeds from the sale will go to, “Establish a separate segregated fund of up to $5 million to cover operational and litigation costs during the five-year reversionary period applicable to the NYU Hospitals Center conveyance that occurred in 2023.”

The western portion of the site, with an address at the time of 363 Hicks Street, was valued at $35.5 million, according to a 2013 Cushman & Wakefield appraisal. The eastern portion of the site, with the address 340 Henry Street, was valued at $26 million in 2013, according to a Cushman & Wakefield appraisal at the time.

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. The city-designated market value for the property in 2022 is $120.7 million.

Prior sales, articles and revenue

This property was sold for $44.3 million on May 29, 2011.

Violations and lawsuits

According to city public data, the property has received 10 DOB violations, $2,500 in ECB penalties, and $11,215 in OATH penalties in the last year.

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.

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 $312.4 million in sales volume in the last two years and is the 26th highest in Brooklyn. For development, Cobble Hill has near average amount of major developments among other neighborhoods and is the 44th highest in Brooklyn. 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.

The owner

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 surrounding

Within a 400-foot radius of 113 Amity Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a sale which Rockrose Development bought the 155,198-square-foot, 102-unit rental (D1) on 355 Hicks Street for $65 million from Madison Realty Capital on August 30, 2024. One of those two items was a loan which Wendell Dave Dowrich and Verna Patricia Holder borrowed $8 million from Citizens Bank secured by the 5,800-square-foot, one-unit industrial (I4) on 113 Congress Street on July 28, 2025.

Direct link to the property’s ACRIS page and link to DOB NOW portal.