SUNY announced the decision on Thursday. Negotiations to finalize the sale for the Brooklyn facility are expected to start right away.
State officials say LICH has been losing an "unsustainable" $13 million a month, an amount they want to stop subsidizing.
Officials say Brooklyn Health's proposal includes a new full-service hospital with 300 to 400 beds, to get up and running within three years. In the interim, Brooklyn Health has said it will run a facility with 150 beds.
A state court last month approved an agreement that lets SUNY stop operating the hospital at the end of May.
