The New Coney Island - Brooklyn's Times Square by the Sea

Saturday, January 24, 2015

Brooklyn Lyceum going Condo

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 next door. 

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."

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