Brooklyn Law School has sold its dormitory at 184 Joralemon Street to a developer who intends to convert it to condos.
The Wall Street Journal: Brooklyn Law School has signed a contract to sell a residence hall in Brooklyn Heights for $12 million, according to people familiar with the deal.
The law school entered into an agreement with city-based BCN Development to hand over its 12-story Beaux Arts building at 184 Joralemon St. BCN Development intends to convert the residence hall into 24 two-bedroom condos.
According to the Journal article, the condos will sell for $1 million and up. The developer plans extensive renovations to the living units and lobby, beginning next summer after students move out. The building is located in the proposed Skyscraper Historic District, and Brooklyn Law has opposed its inclusion in the district.
1.10 update: Curbed reports that a third party, United American, has brought a lawsuit seeking to block the sale on the grounds that it has an earlier contract to buy the building for $9.2 million. Brooklyn Law, however, denies having executed the contract.