We Spent $104 Million Converting A NYC College Into Luxury Apartments

Reviving History: The Transformation of a Historic Catholic College into Luxury Living

The evolution of urban spaces often mirrors the tides of history, embodying a pattern of rise, decline, and rebirth. The transformation of a historic Catholic college into a modern luxury apartment community in Brooklyn is a striking testament to this lifecycle. With a staggering investment of approximately $104 million, developers Udy Core and Matt Lindy are not just repurposing an existing structure; they are breathing new life into a piece of Brooklyn’s architectural heritage.

Upon entering the dilapidated buildings of what was once St. John’s University, one might envision the set of a horror movie—a haunting atmosphere with chipped paint, debris scattered across the floors, and the eerie sound of birds flitting through broken windows. Yet, amidst this neglect lay the ‘bones’ of a building rich in character and history—a vision waiting to be realized. This journey from decay to revival finds its home in a remarkable project known as Heartbeat.

A New Community in Bed-Stuy

Bedford-Stuyvesant, often referred to as Bed-Stuy, has been experiencing a transformation in recent years. It’s not just gentrification; rather, it’s a genuine widening of the circle where young people desire to live and thrive. This community is evolving, reflecting a blend of tradition and modernity where cultural richness meets contemporary urban needs. Core and Lindy are tapping into this trend, creating spaces that will attract young professionals and families alike.

The Project Breakdown

At the heart of this project lies the very fabric of St. John’s—a historic Catholic college that has served the community for decades. The Heartbeat complex boasts over 114,000 square feet of residential space, with an additional 20,000 square feet designated for parking. The developers’ commitment to affordable housing is commendable; out of the 205 total units, 62 are allocated for rent to individuals and families making 130% or less of the area median income. This initiative reflects a commitment to serving the community’s diverse socioeconomic landscape, as these units are only available through a housing lottery.

Financing the Heartbeat project was a blend of traditional and innovative funding avenues. Funded through a combination of construction loans and private equity, the management team has strategically navigated the financial landscape to ensure the project’s viability. The commitment to lasting community value is evident in their meticulous approach to securing the rights for redevelopment. After acquiring the project from a previous developer for $3.7 million, they established a new agreement with the Archdiocese to complete the renovation.

A Peek Inside the Heartbeat

Stepping into one of the model units reveals a marriage of modern amenities and historic charm. The kitchen, outfitted with high-end appliances and elegant stonework, beckons with natural light flooding through large windows. The living space is designed for entertainment, featuring ample room to host guests and bask in the openness. As you wander into the bedroom, the generous closet space and picturesque views reinforce the thoughtful design behind each unit.

One particularly intriguing feature is the ‘chapel unit,’ a space that once served as the main window of the school chapel, now transformed into an inviting living space that pays homage to its roots. The developers salvaged elements of the original structure, integrating exposed brickwork and ornate details that echo the craftsmanship of the 1870s. This reverence for history is a guiding principle throughout the project.

Additionally, the Heartbeat includes a distinctive ‘Capella unit,’ designed as a studio apartment featuring a spiral staircase leading to a stunning round room with a 360-degree view of the surrounding landscape, showcasing panoramas of both downtown Brooklyn and Manhattan. These intentional designs offer residents both comfort and a connection to the vibrant city that surrounds them.

Challenges and Triumphs

The road to bringing Heartbeat to life was fraught with challenges. Navigating the complexities of renovating a 150-year-old building posed significant hurdles, especially when connecting this historic structure to new additions. Construction required the digging of a significant foundation, while simultaneously ensuring that the integrity of the existing building remained intact—a daunting task of engineering and architecture. As Lindy notes, “At times, we questioned our decision to undertake such a commitment, especially as we encountered unforeseen delays and complications.”

Initial projections estimated the project budget at around $95 million; however, due to the complexities involved, costs crept up to $104 million. With operational expenses intersecting with financial obligations—all while only achieving about 50% occupancy at the time—the development team dreamt of a future where the cash flow would stabilize and ease financial pressures.

Preserving Legacy While Embracing Change

The cooperation with the Archdiocese presented an intriguing challenge concerning property taxes, especially given the previous religious exemption linked to the church’s ownership. The developers opted to split the lots, allowing the church to maintain its tax-exempt status while subjecting the residential property to conventional real estate taxation. This arrangement ensures that the church continues to thrive while enabling the developers to meet their financial responsibilities, which currently total around $700,000 annually in property taxes.

The architectural design of Heartbeat also stands as a declaration against the wave of homogeneous modern developments in Brooklyn. By choosing a brick facade for the new wing instead of glass and steel, the developers foster a connection with the neighborhood’s historical aesthetic. Resident reactions have been overwhelmingly positive as they appreciate the effort to retain the building’s legacy while introducing modern living options.

As the first tenants prepare to move in and the building nears completion, Core and Lindy’s vision for the future of this space remains as vibrant as its history. With ambitions of creating a communal atmosphere, they’ve enriched Brooklyn’s tapestry by infusing the Heartbeat with both character and opportunity. Poised to become a cherished landmark, the Heartbeat symbolizes the enduring value of place, memory, and human experience in the dynamic landscape of urban living.