Brooklyn Lyceum could become Duane Reade or condo, owner says

New York /
Feb.February 13, 2013 10:00 AM

The owner of the financially-strapped Brooklyn Lyceum said that the arts haven could turn into a Duane Reade or a condominium complex unless he can avoid an upcoming foreclosure auction, DNAinfo reported.

Eric Richmond acquired the 8,000-square-foot building at Fourth Avenue and President Street in 1994 and converted it from a crack den into a creative space for aspiring artists, which has seen performances from musicians such as Fiona Apple and Jose Gonzalez. But a lengthy and expensive dispute with an architect has left the building with more than $5 million in liens, and a judge ruled that it would be put up for a foreclosure auction, as The Real Deal previously reported.

Richmond is rallying supporters to attend a Feb.19 hearing on the building’s fate. On his website, he shared his fears about what could happen to the space. “”If we are successful, the Lyceum survives,” he wrote. “If we lose, who knows what will become of the building: condos? a Duane Reade?”

The Lyceum’s uncertain future mirrors the case of the nearby Coignet Building on Third Avenue and Third Street, which was also recently put up for a sale or lease. [DNAinfo]  –Hiten Samtani


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Closing time: HFZ vacates the XI sales gallery in Chelsea
Closing time: HFZ vacates the XI sales gallery in Chelsea
Closing time: HFZ vacates the XI sales gallery in Chelsea
Ian Bruce Eichner and 960 Franklin Avenue. (Google Maps, Getty)
Judge lets Eichner’s Crown Heights project near Botanic Garden advance
Judge lets Eichner’s Crown Heights project near Botanic Garden advance
Steven Mnuchin and 740 Park Avenue (Getty, Google Maps)
Steven Mnuchin’s $26M home finally finds a buyer
Steven Mnuchin’s $26M home finally finds a buyer
From left: Howard Lorber, Spencer Rascoff, Rob Speyer, and Steve Witkoff (Getty, Twitter)
The definitive real estate SPAC tracker
The definitive real estate SPAC tracker
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...