The Real Deal New York

Glory Capital files plans for BK Heights office conversion

Ben-Dayan family put dorm at 67 Livingston Street on the market for $40M last year

May 04, 2016 12:40PM
By Rey Mashayekhi

67 Livingston Street

67 Livingston Street in Brooklyn Heights (outlined)

Glory Capital filed plans Wednesday for the office conversion of a 29-story residential building in Brooklyn Heights, according to a new permit application.

The 45,100-square-foot property at 67 Livingston Street is currently used as a student dormitory by the Art Institute of New York City, which signed a five-year lease in 2011. The lease is due to expire this year.

Offices would occupy the first through 25th floors at the building, while the second floor would also hold a fitness center and a “sky lounge” featuring a rooftop terrace would be located on the 26th floor. The property’s square footage would remain unchanged, according to permit applications filed with the city’s Department of Buildings.

Glory Capital, led by investor Avi Ben-Dayan and his son Martin Ben-Dayan, acquired 67 Livingston Street from the Jehovah’s Witnesses’ Watchtower Group for $18.6 million in 2007.

The Financial District-based real estate investment firm listed the property for sale last summer for an asking price of $40 million — tapping a Meridian Capital Group team of David Schechtman, Lipa Lieberman and Abie Kassin to market the building, the Commercial Observer reported. Meridian remains the property’s exclusive listing broker.

While city records have yet to indicate any deal for the building, it is possible that Glory Capital filed the office conversion plans for 67 Livingston Street on behalf of the property’s future owner.

Neither Glory Capital nor HTO Architect, the project’s architect of record, returned requests for comment. A Meridian spokesperson declined to comment.

The Ben-Dayan family’s real estate interests include those held by Midtown-based firm Bonjour Capital — led by founder Charles Dayan, the brother of Avi Ben-Dayan. Bonjour Capital recently sold a 130-unit Long Island City rental building to Weiss Realty for $97 million, as The Real Deal reported.

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