When Matt Linde and Udi Kore first came into contact with the old ruins of the St. John’s College campus in Bedford-Stuyvesant in Brooklyn, it was a dream for two men who grew up in the area.
Linde, CEO People restore communityand Kore, his founding partner Avenue Realty Capitalfirst crossing the property in the summer of 2017.
Since the foundation was laid in 1869, the building has many names. It was called St. John’s Baptist Church, St. John’s College and St. John’s University in New York, and then moved to the current Queens campus, now known as St. John’s University.
After classes ceased in 1972, it was abandoned by college and has deteriorated for decades. For many years, St. John Baptist Church, next door, included a nun and boarding school.
“I think it looks like a great place to shoot a horror movie. Paint shatters in the walls. Holes are everywhere. Debris are everywhere and the floor is everywhere, and birds fly over it. It’s obviously a serious neglected asset,” Lind told CNBC CNBC did it.
“Combining it with the beautiful bones of this building, the amazing high ceilings, the amazing arched windows, it’s not hard to see you can turn this building and turn it into a beautiful vision.”
The courses on the Brooklyn campus of St. John’s University ceased in 1972.
Hartby
After the initial walkthrough, the business partners agreed that the existing floor plan was suitable for converting the property into a luxury apartment building. After some negotiations, Lind was able to obtain a 99-year ground lease from St. John the Baptist, which granted its company the right to build and operate throughout the lease.
“At the end of 99, the leasehold holding will return to the Catholic Church unless the church agrees to allow us to expand it and sign another lease,” Lind said.
Partners say it is crucial for the church to retain the old university, but it can also be improved for better use.
“It’s very important for the church to keep the original elements of this structure, but finding a way to convert it into a better use that will create some kind of income for the church,” Kore said. “They just want someone in and make a business plan that makes sense for them to do the conversion and still is a really good part of the structure of that community, and that’s what we essentially do.”
The building was empty for decades before Linde and Kore took over the project.
Hartby
When Linde and Kore joined the project, they had to pay $3.7 million to take over the lease. In addition, they had to separate the old university from the lot where St. John the Baptist Church sat down so that the church could be tax-free and could tax the buildings like any other property.
They received $72,125,000 in construction loans and an additional $31,502,859 from private equity, totaling $103,627,859, according to documents reviewed by CNBC. The property tax on the building is about $700,000 per year.
The renovation project began in 2020. The process involves adding new wings and connecting older wings to it, as well as building underground parking lots. The old college has been converted into 205 apartment buildings with 147 single-bedroom units, 48 studios and 10 two-bedroom units. Partner named the building HartbyAs a homage to Cross Street Hart Street and Willoughby Avenue.
Linde and Kore know that the old campus would be perfect for turning into a luxury apartment.
Hartby
Of the 205 units, 62 are designated for affordable housing, meaning rents range from $2,495 to $3,939 per month, available through New York City Housing Connection Lottery. The remaining apartments rent range between $3,130 and $6,950 per month.
Hartby has some original details from the old university, such as exposed bricks and windows that were originally part of the school church. Linde and Kore also created a courtyard and called it the Winter Garden, which connects the apartment building to the historic church.
Other facilities include a lounge, gym, yoga room and a business center.
Hartby has 205 apartments.
Valentina Duarte
Hartby started leasing in April this year, and the building is currently occupancy rate of about 50% and 70% lease. Linde and Kore estimate the building will be fully leased by September.
Linde and Kore said Hartby was embraced by the people nearby and they were particularly grateful for their choice of the original design commemorating the old university. They said the church was also shocked when they saw the completed project.
Hartby is named after the intersections of buildings, Hart Street and Willoughby Street.
kaan oguz for CNBC
“I think when they came here, they were a little awe because they saw it in disrepair for many years,” Kore said. “They really feel like we did what we were going to do, and that was to save as much as we could and therefore never be forgotten. I think it’s one of the landmarks that I hope to be part of Brooklyn forever.”
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