Tuesday, September 16, 2014

Venerable Church of the Redeemer across from Site 5 sells for $20M, surely as development site

DNAinfo reported yesterday, Boerum Hill's Church of the Redeemer Sells for $20 Million:
Photo via Brownstoner
BOERUM HILL — The Church of the Redeemer in Boerum Hill sold for $20 million to a New York real estate investment firm earlier this month, officials announced Monday.
The decades-old church, located at Pacific Street and Fourth Avenue, was sold the week of Sept. 5 to the Jackson Group due to “mounting monthly expenses” that could not be covered, according to representatives of the Episcopal Diocese of Long Island, which owned the building.
It's highly unlikely that the building will be saved, since the lot, a source told Brownstoner, can support a building up to 70,000 square feet and ten stories. 

The 1866 Gothic Revival church, which was not landmarked, sits at the northwest corner of Pacific Street and Fourth Avenue, directly across from Site 5, currently home to P.C. Richard and Modell's but ultimately supposed to support an Atlantic Yards/Pacific Park tower rising 250 feet. 

It is catercorner to another venerable but threatened building, the Pacific Branch of the Brooklyn Public Library.

“We deeply regret the sale of this property without discussion of its future preservation,” Howard Kolins, president of the Boerum Hill Association, told DNAinfo. “The [Association] continues to seek protection for this historic church property which has been long neglected by the Episcopal Diocese."

In July 2012, it was reported that the structurally unsound building would be demolished.
It is "S/NR-eligible"--eligible for the State or National Register of Historic Places, listings that can make a property eligible for tax breakst hough with no restrictions, as with city landmarking, on the disposition of the building.

What $20 million could buy

Come to think of it, $20 million was what Forest City Ratner paid for the section of the Vanderbilt Yard needed for the Barclays Center. Looks like a bit of a bargain, no?

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