The Brooklyn Law School has signed a contract to sell a residence hall at 184 Joralemon Street in Brooklyn Heights for $12 million, according to people familiar with the deal, an article by Joseph De Avila said today at wsj.com.
The law school entered into an agreement with city-based BCN Development to hand over its 12-story Beaux Arts building and BCN Development intends to convert the residence hall into 24 two-bedroom condos, the article said.
The developer also plans to invest $3 million to $4 million dollars to renovate the lobby and each of the apartments.
"We are seeking to consolidate our housing and are looking for another project," said Joan G. Wexler, president of Brooklyn Law School, in a statement regarding the sale of the residence hall, which is currently occupied by graduate students.
The 30,000-square-foot residence hall was built near the turn of the century. It has been used as student housing for the Brooklyn Law School for more than 30 years. The structure was a commercial building prior to that.
The residence hall is located within the boundaries of a proposed historic district currently under consideration by the city's Landmarks Preservation Commission. The proposed district would include many of the skyscrapers in downtown Brooklyn.
"Ms. Wexler had voiced opposition to the plan to include 184 Joralemon St. in the historic district during a landmarks commission hearing in December, saying it would lead to rent hikes for student residents," the article noted.
Now BCN Development plans on renovating the residence hall using an Italian-contemporary design. Those upgrades are scheduled to take place over the summer after school finishes and students have moved out, said Craig Nassi, chief executive of BCN, adding that "while the units aren't in terrible shape, the student-occupied apartments are far from luxurious in their current conditions," the article continued.
"Tired is the right word," he said.
There are two units per floor with most measuring at about 1,000 square feet. On the top floor, the two penthouses are about 2,000 square feet and feature 15-foot windows with views of the East River. Prices on the condos will start at $1 million.
The law school entered into an agreement with city-based BCN Development to hand over its 12-story Beaux Arts building and BCN Development intends to convert the residence hall into 24 two-bedroom condos, the article said.
The developer also plans to invest $3 million to $4 million dollars to renovate the lobby and each of the apartments.
"We are seeking to consolidate our housing and are looking for another project," said Joan G. Wexler, president of Brooklyn Law School, in a statement regarding the sale of the residence hall, which is currently occupied by graduate students.
The 30,000-square-foot residence hall was built near the turn of the century. It has been used as student housing for the Brooklyn Law School for more than 30 years. The structure was a commercial building prior to that.
The residence hall is located within the boundaries of a proposed historic district currently under consideration by the city's Landmarks Preservation Commission. The proposed district would include many of the skyscrapers in downtown Brooklyn.
"Ms. Wexler had voiced opposition to the plan to include 184 Joralemon St. in the historic district during a landmarks commission hearing in December, saying it would lead to rent hikes for student residents," the article noted.
Now BCN Development plans on renovating the residence hall using an Italian-contemporary design. Those upgrades are scheduled to take place over the summer after school finishes and students have moved out, said Craig Nassi, chief executive of BCN, adding that "while the units aren't in terrible shape, the student-occupied apartments are far from luxurious in their current conditions," the article continued.
"Tired is the right word," he said.
There are two units per floor with most measuring at about 1,000 square feet. On the top floor, the two penthouses are about 2,000 square feet and feature 15-foot windows with views of the East River. Prices on the condos will start at $1 million.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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