Conversion or Tear Down for Troubled Park Slope Senior Home?

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After years of lawsuits and changing ownership, the assisted living facility at 1 Prospect Park West that was a Building of the Day has announced it will shut down in 90 days, NBC reported. The owners said they cannot afford an increased tax bill.

If the current owner, which appears to be real estate firm The Copper Group, decides to sell, we’re sure developers will leap at the chance to bid on the extra-prime property, located in Park Slope across the street from Prospect Park and the Brooklyn Public Library. It last traded for $40,097,437 in 2006.

As property values in Brooklyn rise dramatically, churches, businesses and homes — anywhere a double wide or bigger plot can be assembled — are quickly giving way to apartment towers. This 1925 Classical Revival building is not landmarked; the recently expanded Park Slope Historic District ends right at the nursing home’s property line.

As for the current residents, a reader told us, “residents and their families and caretakers are terribly upset at the abruptness of it all.”

Photo by Nicholas Strini for PropertyShark

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