The landmarked Brooklyn Lyceum at 227 4th Avenue will become condos. Interestingly, the developer plans to put only two or three luxury units inside the relatively small building — it is 12,200 square feet — but will put up a 12-story rental building next door with as many as 70 apartments, Crain’s reported.
Real estate investment firm Greystone just closed on the Lyceum, which it purchased at auction for $7,600,000 in October, as we reported at the time. It is in the process of buying the empty lot next door at 225 4th Avenue for $13,500,000, Crain’s said.
We had speculated in October the building, a public bathhouse built in 1910, was unlikely to become apartments because there wasn’t enough room for more than a few, unless Landmarks allowed an addition on the roof.
By buying both sites, the developer can transfer about 20,000 square feet of development rights from the Lyceum to the empty lot and build bigger there. Greystone is also planning to restore the exterior of the building.
The developer plans to start construction in the spring and finish early in 2017. Work on the Lyceum will begin whenever Landmarks approves the plans, the firm told Crain’s.
“We’re looking forward to restoring the building,” a Greystone exec told Crain’s. “This is a brownstone neighborhood, so we’re going to try to create something in context with that, inside with the units.”
What do you think of the plans?
Update: We just received a press release from Greystone, which says 225 4th Avenue will have 68 luxury rentals and 3,500 square feet of stores on the ground floor. Amenities will include a gym, bike storage, and roof deck. RKF is going to be the leasing and sales agent for both buildings.