Brooklyn-based property developers Tankhouse and Lonicera Partners have signed a contract to acquire a church property in Downtown Brooklyn. A new residential building is to be constructed on the site. The development plot at 360 Schermerhorn Street, bordering Boerum Hill, is being acquired for US$28.3 million from the First Baptist Church in Pierrepont Street, according to an application filed with the Kings County Supreme Court on Tuesday.
The agreement stipulates that the existing two-storey religious building will be demolished to create new residential accommodation. However, no further information regarding the precise design of the project is currently available. The contracting parties were Pastor Edwin Colon for the selling church and Sam Alison-Mayne, co-founder of Tankhouse, for the buyers. The church was unavailable for comment, and the developers did not immediately respond to enquiries.
Background and further developments
The church stated in its application that the current location on Schermerhorn Street represented a 'financial burden'. As part of the deal, the congregation plans to relocate to a new site where it will continue its existing services and provide similar offerings. The plot in Downtown Brooklyn comprises a developable area of approximately 145,000 square feet, according to data from PincusCo. The transaction is subject to the approval of the church congregation and the absence of an objection from the Attorney General of New York State. Under New York law, non-profit organisations must obtain approval when selling assets.
Recently, several church properties in Brooklyn have changed hands. This week, a 170-year-old monastery in Bay Ridge was sold for US$42.25 million, as reported by Commercial Observer. The 7.5-acre campus of the Sisters of the Visitation at 8902 Ridge Boulevard went to a group of Brooklyn developers, including Integritas Capital and Heights Advisors.
Growing housing market in Brooklyn
Furthermore, developers are planning additional residential construction projects in Brooklyn. As early as early summer, Moses Karpen of Waterfront Property Management submitted plans for the construction of two new residential buildings, each with 99 units, at 1029 Atlantic Avenue and the adjacent 1035 Atlantic Avenue. Simultaneously, Apex Investment Real Estate submitted plans for a residential building with 224 units at 530 Utica Avenue. These activities underscore the ongoing dynamism in the borough's residential property market.
