Crains excerpt -
The buyer of a Brooklyn landmark has a plan to convert the space
to luxury condominiums and to build a sizable rental apartment building
Greystone, a real estate investment and lending firm that has
rapidly expanded its residential portfolio in the city over the past
year, just closed on its purchase of the Brooklyn Lyceum, along Fourth Avenue in Park Slope, paying $7.6 million. The company is also buying a vacant lot next door for $13.5 million.
The company plans to build a 12-story apartment property on the
empty site that will hold up to 70 rental units. It will convert the
Lyceum, which was built a century ago as a bathhouse and has served in
recent years as an events space, into two or three large luxury-condo
units. The conversion will preserve and restore the ornate exterior of
the property, which is a landmark.
"We’re looking forward to restoring the building,” said Jeffrey
Simpson, CEO of property development at Greystone. "This is a
brownstone neighborhood, so we’re going to try to create something in
context with that, inside with the units."