Despite its prime location, 186 Remsen Street in Brooklyn Heights has been available for lease since its last tenant, an adoption agency, moved out more than five years ago. Locals say it’s because “the building is a wreck” and is priced too high. Robert Oliver of the Joseph P. Day Realty Corporation said owner Larry Wohl is looking to lease the 35,000-square-foot, late-19th-Century building to a single tenant for $1 million annually. At $28 per square foot, that would place the building in the Class B market if it were well-maintained, but people who have been inside called it “raw space” and “garbage-looking.” One real estate insider said 35,000 square feet is “stretching it,” and that “the economics for renting it as office is very bad.” Indeed, Property Shark said the building is 25,000 square feet.
The insider said neighboring St. Francis College unsuccessfully offered to buy the building. And another Heights resident thinks the building would be an ideal annex for P.S. 8, which recently cut its Pre-K program and is still overflowing with students. New condo development nearby such as One Brooklyn Bridge Park would only increase demand on the school, the worst-case scenario being trailers in the playground, said the resident. But the insider doubted bringing the building up to the strict elementary school code standards would be economically feasible at Day’s price.
The Franklin Building [An Architectural Guidebook to Brooklyn]
186 Remsen Street [Joseph P. Day] GMAP