Brooklyn Heights Walgreens to Become High-Rise After $30M Sale

Rogers Equities has purchased 120 Court Street in Brooklyn Heights from the Sorkin family for $30 million to use as a mixed-use development site, Commercial Observer has learned. 

Currently home to a Walgreens pharmacy, the site will allow for 64,500 square feet of residential square feet once Walgreens’ lease expires at the end of August 2026. Rogers Equities plans to construct a high-end rental building under the state’s 485x property tax incentive program. 

The pharmacy, which currently occupies 11,360 square feet across two floors and brings in $55,000 per month in rent revenue, has already announced it will close June 4.

Plans were filed in March 2026 for a new 75-unit, 14-story, 86,913-square-foot residential building at 120 Court Street, according to PincusCo. The plans call for recreational space, a 38-bike storage room in the cellar, and retail space on the ground floor, as well as amenity spaces on the first and second floors and outdoor recreation space on the roof. The plans were filed by the building’s registered architect, Thomas Scibilia of NA Design Studio.

Daniel O’Brien, Caroline Hodes and Loren Valla from Newmark represented both parties in the new sale. 

“We were thrilled to work on behalf of long-term family ownership to deliver maximum value and record-breaking pricing,” said O’Brien. “This is a high-profile corner in Brooklyn Heights, and we are excited to see a quality apartment building rise amongst its neighbors.”

The 6,000-square-foot lot on the corner of Atlantic Avenue and Court Street abuts the upscale neighborhoods of Brooklyn Heights and Cobble Hill, and offers 75 feet of frontage on Atlantic Avenue and 80 feet on frontage on Court Street. It is directly across the street from a Trader Joe’s. The site also uses the addresses 120-126 Court Street and 205-209 Atlantic Avenue, according to PropertyShark.

The Brooklyn Heights project isn’t Rogers Equities’ only Brooklyn development in the works, as the company filed plans in January for a 15-story, 85-unit residential building at 246 Seventh Street in Gowanus, according to Bldup. Scibilia is the registered architect for this project as well. Abe Waldman signed on behalf of Rogers Equities. 

Waldman has been busy in the Gowanus area over the past few years. He purchased parking lots at 153, 155 and 157 Ninth Street in April 2026 for $5.5 million for the purpose of building a six-story, 29-unit residential development, according to Crain’s New York Business. He also purchased a development site at 284 Fourth Avenue in Gowanus from Francis Leung in January 2025 for $7.85 million, according to Traded.

Rogers Equities and the Sorkin family could not be reached for comment.

Larry Getlen can be reached at lgetlen@commercialobserver.com.