Time Equities, Hamlin Ventures set to buy Little Italy landmark

Time Equities and partner Hamlin Ventures are in contract to purchase the St. Patrick’s Old Cathedral School in Little Italy, according to a spokesperson for the developers.

The Archdiocese of New York put the 14,925-square-foot facility at 32 Prince Street — the oldest Catholic school in the city — on the market for $29 million last month, as previously reported.

The figure the prospective buyers are in contract to pay was undisclosed.

The developers, who have been through the Landmarks Preservation Commission process, intend to put two townhouses and an apartment complex with up to eight condominium units on the property. Construction will begin later this year, the spokesperson said.

Abby Hamlin of Hamlin Ventures and Francis Greenburger of Time Equities previously teamed up when jointly buying a block of Boerum Hill properties in 2004 to develop nearly two-dozen townhouses, as The Real Deal reported. Neither could be immediately reached for comment.

St. Patrick’s, located between Mulberry and Mott streets in Little Italy, opened as the Roman Catholic Orphan Asylum back in 1825.

Filmmaker Martin Scorsese is one of many former students; he attended the school in the 1950s. The building closed as a school three years ago, though it currently hosts art exhibits and parties.

The Archdiocese of New York, which also could not be reached, has said that it plans to use funds from the sale toward paying off debts and other expenses, as previously reported.