The Real Deal New York

Landlord seeks development partner for Downtown Brooklyn church

February 10, 2014 03:50PM

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360 Schermerhorn Street

360 Schermerhorn Street

A Brooklyn landlord of an historic Downtown Brooklyn church, at 360 Schermerhorn Street on the corner of Third Avenue, is looking for a partner to develop the site. Experts say the building is worth as much as $20 million due to heightened demand for residential housing stock in the borough. 

The two-story red brick church houses the Recovery House of Worship and was built in 1894. The plot is the second property on the block to hit the market recently, following 233 Schermerhorn Street in December. With Brooklyn apartment prices at an 11-year-high due to dwindling inventory, landlords are taking advantage of the value of their properties and are cashing them in while they can, according to Crain’s.

The church is on the National Registry of Historic Places, but without landmark status, the site could be torn down to build up to 55,000 square feet of residential space. Recovery House’s owner hopes to strike a deal with a developer to allow the church to preach on the lower level of whatever development is built. Ofer Cohen of commercial brokerage TerraCRG is offering the property.

“This is an interesting project from a location perspective, it’s right in the middle of downtown Brooklyn, which increasingly is becoming a hot area where developers want to build residential space,” Cohen told Crain’s. “It’s a complicated project, but there are very few land parcels left in downtown Brooklyn so there are many developers who are willing to take on the challenge for the opportunity.” [Crain's] – Angela Hunt

Correction: A previously published version of this story misstated the owner’s plan for the property. The church is not for sale.

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