The abandoned college of the 19th century has become luxury apartments

When Matt Linde and Udi Kore were first approached to develop the old site of the St. John’s College campus in Bedford-Stuyvesant, Brooklyn, it was a dream come true for the two men who grew up in the region.

Linde, CEO of People Restoring Communities, and Kore, founding partner of avenue Realty Capital, first crossed the property in the summer of 2017.

The building has had many names over the years since the cornerstone was laid in 1869. It is known as the College of St. John the Baptist, St. John’s College and St. John’s University, New York, before moving to its current campus in Queens, which is now simply called St. John’s University.

He was abandoned by the university after the courses stopped in 1972 and have deteriorated for decades. The Roman Catholic Church next door, St. John the Baptist, has used it for various purposes over the years, including as a convent and a boarding school.

“I think it looked like an ideal place to shoot a horror film. The painting collapsed from the walls. Holes everywhere. Debris everywhere on the floor, birds the steering wheel. It was clearly a seriously neglected asset,” said Linde to CNBC.

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

After the initial step procedure, the business partners agreed that the existing floor plans were adapted to the conversion of the property to the building of luxury apartments. After a few negotiations, Linde was able to obtain a 99 -year -old floor lease from St. John the Baptist, who grants his business the right to build and operate for the duration of the lease.

“At the end of the 99 years, unless the church accepts to allow us to extend it and sign another lease, the lease will return to the Catholic church,” explains Linde.

The partners say that, for the church, it was essential that the old college was preserved, but also converted for better use.

“It was very important for the church to keep the original elements of this structure, but to find a way to convert it to better use that will create a kind of income for the church,” explains Kore. “They just wanted someone to come and create a business plan that made sense for them to convert it and always be a very good part of the fabric of this neighborhood and that is what we have done mainly.”

When Linde and Kore went on the project, they had to pay $ 3.7 million to take over the lease. In addition, they had to divide the prizes where the former college and the St. John the Baptist are seated so that the church can maintain their tax exemption and that the building can be taxed like any other property.

For funding, they obtained a construction loan of $ 72,125,000 and had an additional $ 31,859 from capital investment for a total of $ 103,627,859, according to documents examined by CNBC. Building property taxes are about $ 700,000 a year.

The renovations started in 2020. This process included adding a new wing and connecting the old wing, as well as the construction of an underground parking lot. The former college was converted into a building in 205, with 147 units from a room, 48 studios and 10 units of two bedrooms. The partners appointed Le Hartby building in tribute to the Cross Hart Street streets and Willoughby Avenue.

Of the 205 units, 62 are designated for affordable housing, which means that rents vary from $ 2,495 to $ 3,939 per month and are accessible via the NYC housing Connect lottery. The rent of the remaining apartments varies between $ 3,130 and $ 6,950 per month.

The Hartby has some of the original details of the old college such as the exposed brick and a window which was originally part of the school chapel. Linde and Kore have also created a courtyard and what they call a winter garden that connects the building to the historic church.

The other amenities include a living room, a gym, a yoga room and a business center.

The Hartby began to rent in April this year, and the building is currently about 50% occupation and 70% rented. Linde and Kore believe that the building will be fully rented by September.

Linde and Kore say that Hartby was adopted by the inhabitants of the neighborhood, who specifically appreciate their choice to honor the original design of the old college. The church, they say, was also in shock when they saw the completed project.

“I think they were a little impressed when they came here because they saw it in ruins for so many years,” said Kore. “They really had the impression of doing what we said that we were going to do, which is to preserve as much as possible, so it will never be forgotten. I think it is one of those monuments which, we hope, will be part of Brooklyn forever.”

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