Co-op owners unite to sell Brooklyn Heights building

Property, once commercial, now marketed as development site for condos

TRD New York /
Apr.April 29, 2015 04:10 PM

The co-op board for a seven-story Brooklyn Heights building developed by Francis Greenburger’s Time Equities is putting the property on the market for $30 million, The Real Deal has learned.

The 20-unit, 20,000-square-foot property at 159-161 Remsen Street, between Clinton and Court streets, has not changed hands since it was converted in 1982. The project marked the first time that Time Equities had converted a vacant commercial building into a residential co-op.

Matthew Rosenzweig, who handles Brooklyn investment sales at Marcus & Millichap, is marketing the building as a possible development site for condominiums. A developer would have to demolish the existing structure to take full advantage of the 45,000 buildable square feet and 185-foot height limit.

The act of co-op board members banding together to sell the building is far from a regular occurrence. Last year, the co-op owners of 303 East 37th Street in Murray Hill and 61-63 Crosby Street in Soho put their buildings on sale, with Massey Knakal Realty Services (now Cushman & Wakefield) and Eastern Consolidated as the respective brokers, as previously reported.

“It is a highly unusual set of circumstances for co-op owners in a building to want to release their occupancy and move on,” Rosenzweig told TRD.

There is currently a discount clothing store and a vacant former home of Kaffe Deli Market Place on the ground floor.

Related Articles

441 Ocean Avenue and 1745 Caton Avenue in Brooklyn (Credit: Google Maps)

Meridian Properties buys pair of
rent-stabilized buildings for $35M

Clockwise from left: 56 Leonard Street, 15 Willow Street and 130 West 12th Street (Credit: Google Maps)

These are some of the most notable resi sales in NYC this week

Benchmark Real Estate Group's Aaron Feldman (left) and Jordan Vogel (right) with 25 Monroe Place in Brooklyn (Credit: LinkedIn)

Benchmark looks to sell BK Heights rental building for $70M

Institutional buyer bags North Jersey apartment complex for $59M

Midtown Equities is bringing a 20-story resi tower to Brooklyn Heights

Westchester & Fairfield Cheat Sheet: Greenwich developer dives into Opportunity Zones, Time Equities pays $14M for Bridgeport building… & more

Westchester & Fairfield Cheat Sheet: Elmsford warehouse sold for $70.25M, CBRE and NKF take office leasing market’s temperature … & more

A-list couple Emily Blunt and John Krasinski snag Brooklyn Heights apartment