HOTD: Greenpoint Home For The Aged Hits Market
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…
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]
Poor blighters who actually live there; how hilarious to imply that their smell will linger or that we should be able to murder them–a real thigh-slapper. They have all the socio-economic value of termites. Let the extermination begin.
1:07 It’s not about getting rid of the scum so much as how one would you get rid of that old person smell thats the key to developing this gem.
What about C of Oh no Radusky redesigning it as a yeshiva and then, at the last minute, selling it off as condos?
For shame, brownstoner, does anyone give a s**t about the legitimate tenants? Or being SRO’s, are they just scum who need to be gotten rid of?
Brownstoner is still an ass for launching into a discussion of FAR and air rights with such a great property. Get a life. This is in a protected district. If landmarking can’t save even this from greedy development, I see a sorry future for historic nyc.
Guttman, he could buy it just before one of the SRO tennants accidentally sets it on fire. then it perfect for build some luxury condos!
Air rights aren’t much use in the middle of a district – unless you are at the edge (this is near the edge, I think).
More likely, a developer would be able to some modest expansions within the Landmarks context – not necessarily invisible, but certainly not maxing out the FAR either.
Would also make a great tax credit project, if its developed as rental.
I’d go for this project – beautiful building. Alas, funds are tied up now.
Who knows, if it’s still on the market
next year …
could be that some developer might buy it for the air rights (i.e., transfer it to an adjoining property that’s not landmarked?)