Say farewell to the Brooklyn Lyceum as a public space. Crain's is reporting that the landmarked building on Fourth Avenue will be turned into two or three luxury condo units, with retail space on the ground floor. A 12-story building that will hold about 70 rental units will be constructed on the vacant lot next door.
The building, which has been a home for lots of local theatre and emerging artists in recent years, was auctioned off back in October after going info foreclosure, and real estate investment firm Greystone snatched it up for $7.6 million, along with the lot next door for an additional $13.5 million.
The building's facade is slated to be restored, albeit with retail access on the ground floor (CVS, anyone?), a process that can take some time because the Landmarks Preservation Commission will be involved, according to DNAinfo. If all goes to plan, the new apartments will be ready for their wealthy renters by early 2017.