Lamm Institute Et Al. Back on Market
When Time Equities purchased the Lamm Institute at 110 Amity Street along with three other lots around the corner on Henry Street from LICH in 2007 the Manhattan-based developer had grand plans for a rooftop addition to the former mansion as well as the creation of a mews in the rear with six townhouses; the…
When Time Equities purchased the Lamm Institute at 110 Amity Street along with three other lots around the corner on Henry Street from LICH in 2007 the Manhattan-based developer had grand plans for a rooftop addition to the former mansion as well as the creation of a mews in the rear with six townhouses; the developer had lots of back-and-forth with the Landmarks Preservation Commission and community groups and ultimately had buy-in for its rooftop addition but not for the original townhouse design; a plan for three single-family brick-and-brownstone townhouses on the Henry Street lots was later approved by LPC. By then, though, the real estate market and construction financing had ground to a halt and the developer put the package of properties back on the market in March 2009 with Corcoran. At that point the asking price for the package was $9,535,000. By May, the prices of the Henry Street lots had been trimmed for the first of many times. It’s not clear when the properties went off the market, but they must have at some point because, as both The Brooklyn Eagle and Curbed noted yesterday, the package is now back on the block with Eastern Consolidated with a package price of $6,400,000; the Lamm Institute can be had on its own for $3,850,000. We’re kinda surprised some hedge funder hasn’t snapped up the mansion already. What a trophy house that could be!
Former LICH Properties Back on Market [Brooklyn Eagle]
Lamm Lots Coming Down in Price [Brownstoner]
110 Amity Price Revealed, Buyers Circling [Brownstoner]
110 Amity Back Up for Sale [Brownstoner]
not enough space for a school unless you buy the lots too and then you’ve got another 2 years trying to get new plans approved by BSA and Landmarks. the building isn’t a steal at all, as the inside doesn’t lend itself well to a residential conversion; the necessary setbacks from the north and east sides limit sight, sun and effectively close in two sides of the building. If there was a stronger medical practices market it would be an ideal medical arts facility, but the hospital across the street is no Mount Sinai and was just purchased by Continuum. Who knows how long they’ll keep it open as it is hemoraging cash.
someone should buy and make it the brooklyn academy — the fanciest new private school in brooklyn.
hedge fund managers don;t have the time to deal with what this house will need.
I walk past this everyday – and I am sorry folks that is the ugliest building I have ever seen. It looks just like the one on 3rd and 3rd – except this one is SCARIER. I would tear the whole thing down or move it. And build something grand and complimentary on that land.
Yeh the catch is it’s going to cost you a bucket of money to fix etc. expect hazardous materials galore in this prior institute.
Anyone know what Time Equities paid for it originally? i bet it was way less than the $6.8m they are hoping to get – until they take a major haircut i wouldn’t expect anyone to come rushing in with an offer.
as anyone here seen the property? 3.8mm for the building seems cheap compared to certain big ticket sales in p.s. – even if 1-2mm has to be pumped in… is there a catch?