Packer Collegiate Institute, an independent, college preparatory school for preschoolers through 12th graders, is in contract to buy 100 Clinton Street at Remsen Street in Brooklyn Heights for $16 million, Commercial Observer has learned.
In an October announcement issued by Packer, the school said the purchase would be its first real estate acquisition since 1967 and would allow for a 12,000-square-foot facility for preschool and kindergarten students. The contract price is $16 million, according to an application submitted to Build NYC, the part of Economic Development Corporation that assists qualified not-for-profit institutions and other entities in obtaining tax-exempt and taxable bond financing.
“Packer has contracted to purchase 100 Clinton Street on the northwest corner of Clinton and Remsen Streets, one block away,” the head of the school, Bruce L. Dennis, told the school’s board of trustees, according to a release from the school. The deal is slated to close in the first quarter of next year.
Built in the early 20th century as retail stores with offices above, 100 Clinton Street has a 4,000-square-foot roof. The current tenants, doctors who own the building, will remain at 100 Clinton Street until next summer, and the school’s construction will begin in early 2016. The building will open in September 2017, the school said.
More than 6,000 square feet of space at the school’s current home at 170 Joralemon Street between Court and Clinton Streets will be repurposed.
NGKF Capital Markets‘ Justin DiMare and Barry Berkowitz were the lone brokers in the deal. Mr. DiMare declined to comment. Mr. Dennis didn’t immediately respond to a request for comment.