An abandoned college in the nineteenth century turned into luxurious apartments

When Matt Linde and Udi Kore were contacted for the first time to develop the old site of the St. John College of Bedford-StuYVESANT, Brooklyn, it was a real dream for the two men who grew up in the area.

Lind, CEO People prepare societiesAnd Kore, the establishment partner in Realty Capital StreetHe walked for the first time through the property in the summer of 2017.

The building had many names over the years since the foundation stone was laid in 1869. It was known as the College of Saint John the Baptist, St. John, St. John University, New York, before moving to the current campus in Queens, which now refers to St. John University.

It was abandoned by the university after the classroom stopped in 1972 and decades deteriorated. It was used by the neighboring Roman Catholic Church, Saint John the Baptist, for various purposes over the years, including a nun and an internal school.

“I think it looks like a great place to shoot a horror movie. The paint was cutting the walls. Holes are everywhere. Hardback around the Earth, birds fly through them. It was clear that it was one of the very neglected origins.”

“Collect this with the beautiful bones of this building, amazing high ceilings, and amazing arc windows, it was not difficult to see the vision that you can take this building and turn it into something beautiful.”

After the initial guidance, business partners agreed that the current floor plans were suitable for converting the property into a luxurious residential building. After some negotiations, Linde managed to secure a 99 -year -old lease contract from ST. John The BAPTIST, whose company gives the right to build and operate the entire rental period.

“At the end of 99 years, unless the church agrees to allow us to extend it and sign another rental contract, the lease contract will return to the Catholic Church,” says Lindy.

The partners say that for the church, it was necessary to maintain the old kidney, but it was also transferred for better use.

“It was very important for the church to keep the original elements of this structure, but finding a way to turn it into a better use that would create a kind of income for the church,” says Cor. “They just wanted a person to come and create a work plan from the logical to transform it and are still a really good part of the tissue of this neighborhood and this is what we have done mainly.”

When Linde and Kore got the project, they had to pay $ 3.7 million to take over the lease. In addition, they were forced to divide the pieces in which the old college sits and St. John the Baptist so that the Church can keep them exempt from taxes and taxes can be imposed on the building like any other property.

For financing, they received an additional construction loan of $ 72125,000 and have an additional $ 31,502,859 from the shares of 103,627,859 dollars, according to the documents reviewed by CNBC Make. The building of the building is about $ 700,000 per year.

Renewal began in 2020. This process included adding a new wing and connecting the oldest wing, as well as building a underground garage. The old college was converted into a 205 building, with 147 units of one bedroom, 48 studios, and 10 bedroom units. The partners called the building HarbyAs a honor to the Cross Streets Hart Street and Willoughby Avenue Street.

Of the 205 units, 62 housing units have been appointed at reasonable prices, which means that the rents will range between $ 2,495 to $ 3939 a month and can be reached across NYC Housing Connect. The rent of the remaining apartments ranges between $ 3,130 and 6,950 dollars per month.

The Hartby has some original details of the old college, such as the open brick and a window that was originally part of the school chapel. Linde and Kore also invented the annihilation and what they call a winter garden linking the residential building to the historical church.

Other amenities include a hall, gym, yoga room and business center.

Hartby started the leasing in April this year, the building is currently about 50 % of the occupancy and 70 % rented. Linde and Kore estimated that the building will be fully rented by September.

Lindy and Kor says that Harby has been built by people in the neighborhood, who specifically appreciate their choice to honor the original design of the old college. They say that the church was in full shock when they saw the complete project.

“I think they were in a little awe when they came here because they saw it in a bad condition for many years,” says Cor. “They really felt that we did what we said that we will do, which is to keep as much as possible, so it will never be forgotten. I think it is one of those monuments that we hope you are part of Brooklyn forever.”

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