The president of Brooklyn Law School recently spoke out against the inclusion of school dorm 184 Joralemon Street in the proposed Borough Hall Skyscraper Historic District, on the grounds that student residents would be forced to pay higher rents. Turns out that will no longer be an issue. The school is in contract to sell the building to BCN Development in a $12 million deal, after which the developer plans to take the building condo. The building is already divided into "tired" 1,000-square-foot student apartments, and after the conversion, there will be a total of 24 2BRs, priced starting at $1 million. With a target audience of priced-out Manhattanites eager for condos rather than the neighborhood's usual co-ops, one broker predicted to the Journal that the building would sell out in eight months to a year after hitting the market. Place any bets on that timeline in comments.
· Brooklyn Law Dorm is Condo Bound [WSJ]
· 184 Joralemon Street coverage [Curbed]