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Developer WIll Turn Embattled Brooklyn Landmark Into Condos

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The news is just getting worse for lovers of the old bathhouse-turned-arts and events space on the canyon of mediocrity Park Slope's Fourth Avenue. In an October auction, developer Greystone bought—well, more like wrested—the embattled Brooklyn Lyceum from owner Eric Richmond for $7.6 million. General wisdom was that airy century-old space, which is also a landmark, would be difficult to convert to apartments. But that's not stopping Greystone, which just closed on the purchase and revealed plans to redesign the interior to contain two or three extremely large condominiums—"townhouse-style," whatever that means. The company will also restore the scuffed facade.

Greystone is also shelling out $13.5 million for a vacant lot next door to the Lyceum, at 225 Fourth Avenue. First, the company will transfer air rights from the Lyceum over to the lot, and then out up a 12-story building with about 68 rentals and retail space at the ground level. According to Crain's, expect a groundbreaking in the spring, with completion in late 2016 or early 2017. As for the Lyceum itself, watch for plans to go before the Landmarks Preservation Commission, whose approval is required before work can begin.

Unsurprisingly, the Lyceum's old owner isn't thrilled about this state of affairs, and has posted about his attempts at legal action to stop it. But given the general drive to put residential buildings up all over Fourth Avenue, it's doubtful that Greystone will let itself be stopped. Chalk this one up to another city bathhouse that's finding a new lease on life.
· Brooklyn Lyceum [official]
· Landmarked B'klyn bathhouse slated for condos [Crain's]
· Greystone Acquires Two Adjacent Park Slope Properties for New Residential and Mixed-Use Developments [press release]
· Park Slope's Brooklyn Lyceum Sells To Developer At Auction [Curbed]
· What Became of New York City's Ubiquitous Public Bathhouses? [Curbed]
· Tracking the Development Boom on Brooklyn's Fourth Avenue [Curbed]