The Brooklyn Lyceum, a landmarked Beaux Arts former public bath at 227 4th Avenue in Park Slope has been put up for sale by its owner, Greystone Development, for $10.5 million.
Crain’s first reported the news. “We don’t have to sell, but we feel that market conditions are right,” Thomas Ryan, senior head of Greystone, told the paper.
Greystone purchased the historic structure in 2014, and also owns the property next door at 225 4th Avenue. They were able to transfer about 20,000 square feet of development rights from the Lyceum to the formerly empty lot next door and build bigger there. A 12-story luxury rental designed by Daniel Goldner Architects is currently under construction.
Initially, Greystone had planned to transform the Lyceum into luxury condos but scrapped the plans in favor of retail. There were rumors at one time that an Apple Store or Trader Joe’s would take over the space before Blink Fitness signed on as a tenant in 2015.
Blink’s lease lasts until 2033, according to Crain’s, with the option to extend another five years.
Completed in 1910 and designed by Brooklyn architect Raymond F. Almirall, it was one of the last Brooklyn bath houses to be built. Created by the city, bath houses were meant to address public health concerns by providing access to hygienic facilities to largely immigrant neighborhoods without access to indoor plumbing.
It became the Lyceum in the 1990s, a privately owned concert, gym and events space. The longtime owner struggled to hold onto the building, leaving the future of the site in limbo for years. He finally lost the property to foreclosure in 2014.
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