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Tankhouse and Lonicera plan $28.3M residential project at church site
The contract for 360 Schermerhorn Street is contingent on congregation approval and New York Attorney General clearance, with the developers planning to demolish the existing two-story structure.
Tankhouse and Lonicera Partners are in contract to acquire a church property in Downtown Brooklyn at 360 Schermerhorn Street, where they plan to build a new residential building on the site, Commercial Observer reports.
The purchase price is $28.3 million, with the seller identified as the First Baptist Church in Pierrepont Street in a petition filed in Kings County Supreme Court. The filing says the developers plan to demolish the existing two-story religious structure, though it does not provide more detail on the project scope.
The Downtown Brooklyn site spans about 145,000 buildable square feet, according to data from PincusCo cited in the report. The agreement is contingent on approval from the congregation and on no objection from the New York State Attorney General.
The petition also says the church characterized its current Schermerhorn Street site as “a financial burden,” and plans to transition to a new location as part of the deal, relocating its ministries and continuing similar services at its new site, Commercial Observer adds.