Glory Capital to sell 29-story former BK Heights dorm for $30M

Investor group planning conversion to luxury condos

Jan.January 24, 2017 01:50 PM

A group of Great Neck-based investors is in contract to buy a 29-story former student dormitory in Brooklyn Heights for $30 million, with plans for a conversion to luxury condominiums, sources told The Real Deal.

The 50,000-square-foot building at 67 Livingston Street was leased to the Art Institute of New York City for dorms until last year. The property is now vacant.

The group of buyers includes Helmsley Spear’s TRData LogoTINY Mark Neuman, who also served as a broker on the behalf of the other buyers, according to sources. The investors, who control the entity 67 Livingston LLC, plan to partner with a developer who would spearhead the building’s conversion to full-floor condos, sources added.

Although no plans have been filed for the condos, the buyers would offer the apartments in the range of $2.5 million and $7.5 million, sources said. A duplex penthouse would likely be the priciest unit, asking $7.5 million.

The seller, Glory Capital, had plans of their own for a conversion. The development firm, led by Avi Ben-Dayan and his son Martin Ben-Dayan, filed plans in May 2016 for an office conversion.  Glory Capital later scrapped the plans and put it on the market for $40 million.

Meridian Capital Group’s David Schechtman, Lipa Lieberman Abie Kassin are representing the seller. Neither the Meridian brokers nor Glory Capital could be reached for comment. Neuman, who served as director of acquisitions at Glory Capital until leaving for the Kent Swig-owned commercial brokerage Helsmely Spear in June, declined to comment.

The property last sold in 2007, when Glory Capital bought it from the Jehovah’s Witnesses for $18.6 million.

Brooklyn Heights has limited condo inventory, aside from Toll Brothers and Starwood Capital Group’s Pierhouse at Brooklyn Bridge Park. Owners began moving into the 106 condos in September. Stribling & Associates president Elizabeth Ann Stribling-Kivlan and her wife Rebecca Cleary bought a $2.9 million condo there in January.

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