Lyceum Purchased By Developer At Foreclosure Auction

Lyceum Purchased By Developer At Foreclosure Auction
Brooklyn Lyceum

The future of the Brooklyn Lyceum is once again in the air after real estate developer Greystone purchased the building at a public auction on Thursday.

The landmarked building at 227 4th Avenue, on the corner of President Street, which has been a performance venue and more since the 1990s, sold yesterday for $7.6 million according to DNAinfo. Greystone declined to comment about their plans for the space until the sale closes, but their other recent projects involve condos and rentals, not a big shocker for 4th Avenue.

The Lyceum has been mired in financial and legal issues for years, and had been headed for foreclosure last year, because, as owner Eric Richmond explained then, they were “faced with several legal decisions that seem to show a pattern of judicial abuse or at least an unacceptable refusal to follow the law by the judiciary.”

In a statement he posted online today, it seems not much has changed. He notes that he had a potential partner try to win the foreclosure auction, but they were outbid, and he says he will continue to fight to retain the building.

“We will continue to pursue our existing appeals with regards to the Lyceum building (Public Bath #7) and the adjacent lot but the results of that will come too late to be effective short term,” Richmond wrote. “That doesn’t mean the building becomes a big box store–yet.”

Still, and despite a petition he recently started online, Richmond says that some upcoming events, like the annual Charlie Brown Christmas musical and Holiday Craft Market, may have to be cancelled.

“We much appreciate the hundreds of people who have expressed support for our cause,” he wrote.


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