What's Happening?
Developers Matt Linde and Udi Kore have successfully transformed the former site of St. John's College in Bedford-Stuyvesant, Brooklyn, into a luxury apartment complex named The Hartby. The site, which had been abandoned since 1972, was originally part of St. John's University before the institution relocated to Queens. The project involved securing a 99-year ground lease from the adjacent St. John the Baptist Church, which had used the building for various purposes over the years. The developers invested $104 million into the renovation, which included a construction loan and private equity funding. The Hartby now features 205 apartments, with 62 units designated for affordable housing. The building retains many of its original architectural elements, such as exposed brick and chapel windows, and offers amenities like a gym, yoga room, and business center.
AD
Why It's Important?
The transformation of the old St. John's College site into The Hartby represents a significant development in urban renewal and housing in Brooklyn. By converting a long-abandoned property into a functional residential space, the project not only preserves historical architecture but also addresses housing needs in the area. The inclusion of affordable housing units is particularly noteworthy, as it provides opportunities for a broader range of residents to live in a neighborhood that is experiencing gentrification. This development could serve as a model for similar projects in other urban areas, where historical preservation and modern housing demands intersect. Additionally, the project generates income for the church, ensuring the site's continued contribution to the community's fabric.
What's Next?
The Hartby began leasing in April and is currently at 50% occupancy, with expectations to be fully leased by September. As the building reaches full occupancy, it will likely have a lasting impact on the local real estate market and community dynamics. The success of this project may encourage further investments in similar developments, potentially leading to more revitalization efforts in other neglected urban areas. The developers' approach to maintaining the building's historical elements while providing modern amenities could influence future projects, promoting a balance between preservation and innovation.
