New York–BCN Development has inked a deal with Brooklyn Law School to acquire 184 Joralemon Street, the school’s former residence hall, for $12 million. BCN plans to convert the 12-story, 30,000 square-foot Beaux-Arts style building into 24 two-bedroom condominiums.
The residences will feature Italian-style kitchens, high ceilings, hardwood floors, and washers and dryers, according to BCN. Most of the residences have views of the East River, lower Manhattan or the Verrazano Bridge. BCN also plans to renovate the ornate lobby with a capital improvement campaign of about $2 million and will do renovation work on the units as well.
BCN believes the fact that the building will be condos, as opposed to part of a co-op structure, will be a strong draw for buyers in the Brooklyn Heights neighborhood where the property is located. The company is looking to sell to young professionals and families who are priced out of Manhattan and looking for larger homes elsewhere.
“Brooklyn Heights does not have many new condominium projects coming online, so we know people will be interested to buy from us because it is a desirable street and they can avoid the issues that sometimes arise when dealing with a co-op board,” Craig Nassi, CEO of BCN Development, tells MHN.
“With co-ops, the actual sale transaction can take a long time, dragging on because the buyer needs to go through a lengthy interview process with the co-op board,” Nassi continues. “Personal items come up and most boards require an in-depth look into the buyer’s financials. It feels like an invasion of privacy for some buyers, and many people would prefer to bypass this process, especially when there’s always the chance that the sale can be terminated due to something the board doesn’t approve.”
In late December, Manhattan-based United American Land filed suit against the law school, claiming that the school had promised to sell United American Land the property for $9 million. That case, which did not name BCN, is still pending, and it’s unclear whether it will have an impact on BCN’s plans.