746-750 Nostrand, former Black Lady Theater, Sold at Auction - Brooklynian

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746-750 Nostrand, former Black Lady Theater, Sold at Auction

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.


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