Brooklyn Lyceum could become Duane Reade or condo, owner says

February 13, 2013 10:00AM

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