Located at 200 Montague Street, near the corner of Court Street in the Borough Hall Skyscraper Historic District, the building has currently reached 10 stories.
The blighted but notable building on Remsen Street was designed by the Parfitt Brothers and will be restored as part of the conversion.
It will take the place of a modern-style four-story bank building in the Borough Hall Skyscraper Historic District.
Two projects in Brooklyn Heights went in front of the Landmarks Preservation Commission Tuesday morning, yielding contrasting results.
Commissioners told the architects and developers behind a planned hotel on Remsen Street to come back and try again, with a vote of no action.