This building which dominates Nostrand Avenue between Park Place and
Sterling was most recently used as theater. It was owned by Judge John Phillips
and has been vacant for years. In years past it had been a Kresge 5 and 10
discount store. It was sold at auction this week for $3.96 million according to a local investor I know. At that
price, the new owner will almost certainly be expanding the building and adding
residential apartments. The fact the Judge Phillips removed the first floor and
put amphitheater seating into the building will make the conversion even more
expensive. The upper two floors of this building were never updated and have
remained vacant for decades.
The building now has 11,183 square feet. Under current C2-4/R6A zoning the
new owner could potentially go to 15,975 square feet (FAR 3.0) and add another
floor , making the building a floor taller than adjacent buildings. Because the
building is not landmarked, it’s unlikely that the public will have any standing
to challenge the new structure unless the owner applies for a variance.
The identity of the purchaser won’t be publicly available until it is
published on the City Registry which could be several weeks from now. If
someone knows the lawyer who conducted the referee sale, we might be able to
find out sooner.
Needless to say, this is a big deal and will definitely change forever the
look of Nostrand Avenue, the main commercial strip in Crown Heights North.