Brooklyn Heights Co-op Board Puts Property Up for Sale

April 30, 2015 — It's not something you see every day: co-op owners in a building deciding to put the property up for sale. But that's what's happening at a seven-story building in Brooklyn Heights, developed by Francis Greenburger's Time Equities. According to The Real Deal, the co-op's board has put the 20-unit, 20,000-square-foot property at 159-161 Remsen Street, between Clinton and Court streets, on the market for $30 million. "The property has not changed hands since it was converted in 1982. The project [also] marked the first time that Time Equities had converted a vacant commercial building into a residential co-op." That's a long time. Matthew Rosenzweig, who TRD reports handles Brooklyn investment sales at Marcus & Millichap, "is marketing the building as a possible development site for [what else?] condominiums." And for a developer to get the most bang for his or her buck? It means demolishing the existing structure and replacing it with something that takes "full advantage of the 45,000 buildable square feet and 185-foot height limit." Go big or go home, eh? 

Photo by Nicholas Strini for Property Shark