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

arrow_forward_ios
Carroll Gardens and Flatbush in Brooklyn (Photos by Steven Pisano via Flickr; Mrbrklyn via Wikipedia; iStock)

Brooklyn’s most and least expensive neighborhoods

Brooklyn’s most and least expensive neighborhoods
Mission Capital principal David Tobin and Marcus & Millichap president and CEO Hessam Nadji

Marcus & Millichap to acquire Mission Capital Advisors

Marcus & Millichap to acquire Mission Capital Advisors
Marcus & Millichap CEO Hessam Nadji

Marcus & Millichap CEO predicts “exodus” from cities to last two years

Marcus & Millichap CEO predicts “exodus” from cities to last two years
William Millichap

William Millichap of eponymous brokerage dies at 76

William Millichap of eponymous brokerage dies at 76
314 Hicks Street and 200 Berkeley Place in Brooklyn (Google Maps; Corcoran)

Brooklyn luxury market has best week since Covid began

Brooklyn luxury market has best week since Covid began
2 Pierrepont Street in Brooklyn and Vincent Viola (Google Maps, Getty)

Ex-Trump nominee broke rent stabilization laws at his Brooklyn Heights building: lawsuit

Ex-Trump nominee broke rent stabilization laws at his Brooklyn Heights building: lawsuit
198 Warren Street and 1 Clinton Street in Brooklyn (Google Maps; One Clinton BK)

Only four Brooklyn lux deals for fifth time in six weeks

Only four Brooklyn lux deals for fifth time in six weeks
Marcus & Millichap laying off 20% of workforce

Marcus & Millichap laying off 20% of workforce

Marcus & Millichap laying off 20% of workforce
arrow_forward_ios

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

Loading...