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Brooklyn Law school sale could net $41 million

You have the right to sell: Brooklyn Law to unload six Heights buildings

The Brooklyn Paper
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Brooklyn Law School is selling six of its student housing buildings in Brooklyn Heights.

Realtor Massey Knakal announced yesterday that the 114-year-old institution has put the residences, which, combined, could be valued at more than $41 million on the market — and is pitching them as a landlord’s dream.

“The opportunity to own 110 units, of which 90 percent are vacant, in Brooklyn’s most desirable neighborhood, does not come around often,” said Stephen Palmese, the agent handling the sale.

Brooklyn Law President Joan Wexler confirmed the shcool’s plan to sell the six locations, which include 89 Hicks St. between Orange and Pineapple streets, 18 Sidney Pl. at Livingston Street, 144 Willow St. between Pierrepont and Clark streets, 100 Pierrepont St between Henry and Clinton streets 27 and 38 Monroe Pl. between Pierrepont and Clark streets.

Wexler, who will soon leave the presidents office to become dean and president emeritus, refused to say why the school is selling off so many residences.

“Thank you so much, and I really don’t mean to be rude, but I haven’t really got anything else to say,” she said.

The school’s website still lists three different options for students seeking housing in the area. Unfurnished apartments can be had at 2 Pierreponte St. between Willow Street and Columbia Heights and apartments inside two attached brownstones at 148 and 150 Clinton St. at Livingston Street. Additionally, the school offers room for nearly 300 students inside the new Feil Hall, the once-controversial tower that raised the ire of residents when it was approved by the city back in 2002.

The school recently drew attention for offering a new accelerated, intensive two-year law degree in an effort to attract students who can’t afford to take three years off work. Like other law schools across the country, Brooklyn Law has seen its enrollment decline during the past two years.

These properties that are being sold were bought by the law school in the 1980s.

Reach reporter Jaime Lutz at jlutz@cnglocal.com or by calling (718) 260-8310. Follow her on Twitter @jaime_lutz.
Updated 10:19 pm, June 20, 2013
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Reasonable discourse

Barry from Cobble Hill says:
This is a smart move. The buildings for sale are all small, and Feil Hall is huge (800 students) and spectacular. This will save money in maintenance and the sale will generate a windfall for BLS' endowment.
June 19, 2013, 8:50 am
ty from pps says:
I don't understand the misleading headline... "You have the right to sell" -- There is nothing in this article suggesting that there are any restrictions on the sale of real estate owned by BLS. Is there? Or is this just bad copy writing?
June 19, 2013, 8:57 am
Guest from Park Slope says:
@ ty from pps: it's a bad play on words relating to the topic of the law school, "you have the right to remain silent." So, yes, bad copy writing.
June 19, 2013, 4:13 pm
Thomas Lawrence from Brooklyn Heights says:
It's a real estate wet dream come true!
June 19, 2013, 9:04 pm
Joan King from Southbury, Connecticut says:
"Network."
June 20, 2013, 8:13 pm

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