401 State Street LoopNet

Photo: TerraCRG via LoopNet

A seven-unit residential conversion is sailing towards 401 State Street in Boerum Hill.

Located between Bond and Nevins streets, the low-slung building sits on a 50-foot-wide lot. The property, configured as office space, traded last year for $4.28 million, Brownstoner reported.

The developer is 401 State LLC, and the architect of record is Williamsburg-based Loadingdock 5, according to the plan exam application filed today. The renovated building will be topped by a full-floor unit on the fourth level. The Schedule A says that the cellar will spawn forth a day care center (for ages 2 to 6) and day nursery (ages 6 months to 2 years). If that seems to be an odd choice, keep reading.

The previous owner was Daytop Village, one of the oldest and biggest drug rehab agencies in the state. The company filed for Chapter 11 bankruptcy protection in 2012, citing extreme financial pressure from its lenders, the Associated Press reported. At the time, Daytop Village owed more than $33 million, secured by almost $50 million in real estate holdings, to Signature Bank and Hudson Valley Bank.

The agency was founded in 1964; as of 2012, it treated about 2,000 people at 14 residential facilities and outreach clinics in the state. 401 State was previously used for meetings and counseling sessions for patients enrolled in the Daytop Rehabilitation Program.

Now here’s the rub: Massey Knakal handled the $4.28 million sale, which closed in June 2013, but could the new owner already be looking to sell? According to a recent listing on LoopNet, the concrete elevator building is being marketed by TerraCRG, with an asking price of $7.5 million. Description below:

“The property at 401 State Street located between Nevins Street & Bond Street stretches 50 feet on the tree-lined townhouse block. There is an existing three story residentially zoned building on the property which is ideal for a conversion to luxury condominium units.

“The concrete elevator building sits on an approx. 50 ft x 118 ft slightly irregular lot and is overbuilt with a gross total of approx. 16,250 SF. Plans for a residential conversion were submitted for DOB review, these plans call for 7 large residential units and a large daycare facility in the cellar. The daycare space can be repositioned to recreation space for the residential units above by amending these plans.”

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