HOTD: Greenpoint Home For The Aged Hits Market

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Holy smokes! The historic Greenpoint Home for the Aged (which the AIA Guide calls an “eclectic brick manion with Italianate massing and Romanesque Revival arches”) has just become available. The 5,000-square-foot mansion is not for the faint of heart, though. In addition to the 13 SRO tenants currently residing there, making use of the almost 15,000 square feet of air rights won’t be a simple matter given the 1887 building’s landmark status. The asking price is $2,500,000. This place is very hard to value, however, for the reasons cited above. Getting free and clear of the SRO tenants would take at least three years, we’d think; we’re not even sure a developer could get them out — and it’s going to be hard to find an individual with the deep pockets who plans to use this as a private residence and leave the unbuilt FAR unused. One possibility? A developer might just build around the existing tenants, essentially buying the property as a development venture. We don’t know the layout of the lot very well but it’s not apparent to us how the LPC will ever let anyone build 15,000 square feet here. What this calls for is a patient, eccentric multi-millionaire!
137 Oak Street [Massey Knakal] GMAP P*Shark
Droolworthy: Greenpoint Home for the Aged [Brownstoner]
AIA on Greenpoint [Ragette.org]

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