ANNOUNCED: Hudson Companies Will Buy Brooklyn Heights Library for $52M, Add Luxury Rental Complex
Just yesterday, the Brooklyn Heights branch of the Brooklyn Public Library announced that they will sell their building to the Hudson Companies for $52 million, along with the promise of 114 affordable housing units to be built at a different location in the neighborhood. The developer, who won the bid over 14 others, will convert the city-owned building at 280 Cadman Plaza West into a 20-story luxury rental complex with a new 21,000-square-foot library on the ground floor.
Marvel Architects is designing the 132-unit building, and construction is expected to commence in 2016 following the city’s approval process. In addition to the new public library, the building will house an 11,000-square-foot gym for Saint Ann’s School that will also be available for community use.
The 114 below-market-rate apartments that Hudson has promised will be located at a to-be-determined site within the same community board. But the agreement stipulates that the developer must finish the affordable housing before it can rent the luxury rentals on the library site.
This sale will bring in $40 million, which will help support the more than $300 million in repair work needed for the other 59 branches of the Brooklyn Public Library.
[Via New York Daily News]
Renderings courtesy of Brooklyn Public Library