The Real Deal New York

Greystone to convert Brooklyn Lyceum into condos

Plans also call for 12-story rental building to rise on adjacent vacant lot
January 23, 2015 02:04PM

Greystone plans to convert the landmarked event space Brooklyn Lyceum, a former public bathhouse in Park Slope, into apartments.

The investment firm led by Jeffrey Simpson would convert the Lyceum into two or three luxury condominiums at 227 Fourth Avenue and build a 12-story rental property on an adjacent vacant lot. Simpson’s firm acquired the Lyceum for $7.6 million and is in contract to buy the lot at 225 Fourth Avenue for $13.5 million.

Roughly 20,000 square feet of development rights can be transferred to the lot from the Lyceum site, Crain’s reported.

Greystone intends to wrap construction on the rentals by early 2017. The Landmarks Preservation Commission would need to approve plans for the Lyceum before construction on the condos can start. [Crain’s]Mark Maurer