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Fire-Damaged Downtown Brooklyn Church Wants $20 Million

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The oldest Baptist church in Brooklyn hit the market in 2011 after a three-alarm fire the previous year left it badly damaged. The church never did end up selling, but in the meantime property values have skyrocketed and the property has now been listed [edit: The church is not actually for sale—it is instead looking for a partner. There is no official asking price.] again with a 150 percent higher asking price. Previously listed for $8 million with Corcoran, the sale is now being handled by TerraCRG, who expect it to go for $20 million.

The New Baptist Temple, alternately know as the Recovery House of Worship, was constructed in 1823 [edit: While the congregation's original church was built in 1823, this one was constructed in 1893.] and is listed on the National Register of Historic places, which does not preclude it from being demolished, added to, or otherwise altered (unlike with city landmarks). The one thing that might dissuade developers, however, is the fact that the church plans to strike a deal that would allow it to remain on the lower level of whatever ends up getting built at the site. It also wants to take the opportunity to expand its total amount of space from 30,000 to 45,000 square feet. The buyer would be able to deduct the cost of that expansion from the sale price and built 55,000 square feet of residential space above it.
· Downtown B'klyn church could fetch $20M [Crain's]
· Building of the Day: 360 Schermerhorn Street [Brownstoner]
· New Baptist Temple coverage [Curbed]