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Fort Greene's Development Nightmare May Be Coming True

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As soon as artist Marc Lambrechts listed his Fort Greene compound for $9 million, the neighbors started wringing their hands over what might become of the site's multiple brick structures, and what might go in their place. And they had good reason to worry— Lambrechts transferred 23,000 square-feet of air rights from his own townhouse to make the rest of the property more enticing to developers, and the broker, Corcoran's Vicki Negron, was quoted as saying, "Nothing is landmarked. A serious property could be built here."

Now it appears that preservationists' worst fears are indeed coming to pass. The compound has sold for $7.5 million (17 percent under the initial asking price) and, according to Negron, "The new owner will probably either raze the building, or build an enhancement to the back of it, to create a more modern multifamily configuration." She added that the buyer was attracted to the property because of its proximity to the Barclays Center, and speculated that 15-20 luxury condos could be in the site's future. Lambrechts, who paid under $900,000 for the property in 2000, will remain in his personal brownstone.

· Of Compounds and Condos: Belgian Artist Marc Lambrechts Unloads Fort Greene Assemblage for $7.5 M. [Observer]
· 164 South Oxford Street coverage [Curbed]