The abandoned college of the 19th century turned into luxury apartments

When Matt Linda and Ud Core first turned to the development of the old place on St. John’s campus in Bedford-Stuvezant, Brooklyn, it was a dream for two men who grew up in the area.

Linda, CEO People who restore communitiesand Kore, the founder of the partner at the address Avenue Realty CapitalFor the first time, it took place on the property in the summer of 2017.

For many years, the building had many names since the cornerstone was laid in 1869. He was known as the College of St. John the Baptist, the college of St. John and the University of Saint -John, New York, before moving to his current campus to Quee, now just called the University of St. John.

The university refused after the classes stopped in 1972 and deteriorated for decades. The Roman Catholic Church nearby, St. -John the Baptist, has used it for various purposes for many years, including as a nuns and a boarding school.

“I think it looked like a great place to shoot a horror movie. The paint was closed from the walls. The holes are ubiquitous. The dismantling across the floor, the birds flew through it. This is clearly a strongly neglected asset,” Linda says, CNBC does it.

“Combine this with the beautiful bones of this building, amazing high ceilings, amazing arch windows, it was not difficult to see that you could take this building and turn it into something beautiful.”

After the initial passage of business partners, they agreed that the existing floor plans are suitable for converting property into a luxurious apartment building. After some negotiations, Linda was able to provide 99-year-old land rent from St. John the Baptist, which provides him with the company’s right to build and work throughout the lease.

“At the end of 99, when the Church does not agree to allow us to expand it and sign another rent, the rent will return to the Catholic Church,” Linda says.

Partners say it is vital for the Church to keep the old college, but also transformed for better use.

“It was very important for the church to preserve the original elements of this structure, but to find a way to convert it into a better use that will create some profit for the church,” says Kare. “They just wanted someone to come and create a business -plan that made sense for their conversion and still to be a really good part of the fabric of this neighborhood, and that’s what we have done.”

When Linda and Sarte entered the project, they had to pay $ 3.7 million to take rent. In addition, they had to share the parties where the old college and St. John baptized so that the church could support tax exemption, and the building could be taxed, like any other property.

To finance, they provided a $ 72,200 -000 loan and received an additional $ 31,502.859 for a total amount of $ 103,627 859, according to the CNBC documents. Real estate taxes for the building are about $ 700,000 a year.

The repair began in 2020. This process included the addition of a new wing and connection to its senior wing, as well as the creation of an underground garage. The old college was transformed into a building in 205 places, with 147 one -bedroom units, 48 studios and 10 two -bedroom units. Partners called the building Shartby.

With 205 units 62 designed for affordable housing, that is, rent Lottery Counting Connect NYC. The rental for the rest of the apartments is from 3130 to $ 6,950 a month.

Hartby has some of the original details of the old college, such as open bricks and a window that was originally part of the school chapel. Linda and Kare also created a yard and what they call a winter garden that connects an apartment building with a historical church.

Other benefits include the living room, the gym, the yoga room and the business center.

Hartby started to lit up in April this year, and the building is currently 50% on the location and 70% rented. Linda and Corea estimate that the building will be fully rented by September.

Linda and Corey say the hartbi was accepted by people in the neighborhood who specifically evaluate their choice to honor the original design of the old college. The church, according to them, was also in full shock when he saw the completed project.

“I think they were a little excited when they came here because they have seen it in their jurisdiction for so many years,” Kare says. “They really felt that we were doing what we said, what we were going to do is to keep as much as possible to never forget. I think it’s one of those attractions that will hopefully part of Brooklyn forever.”

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