We Converted a 19th-Century College in NYC Into Luxury Apartments

Why It Matters

The project shows that high‑end redevelopment can coexist with affordable‑housing mandates, influencing future urban renewal and investment strategies in dense markets.

Key Takeaways

• $104M invested to transform historic college into luxury apartments.
• 114,000 sq ft of residential space plus 20,000 sq ft garage.
• 205 units built; 62 reserved for low‑income renters via lottery.
• Renovation preserved high ceilings, arch windows, historic façade.
• Funding mix included construction loan and private equity investment.

Summary

Developers Udy Core and Matt Lindy have spent roughly $104 million to convert the former St. John’s University campus—a 19th‑century Catholic college in Brooklyn—into a luxury apartment community slated for occupancy in May 2025.

The project delivers about 114,000 sq ft of residential space and a 20,000‑sq‑ft underground garage, comprising 205 units. Of those, 62 units are earmarked for households earning 130 % of the area median income or less and will be allocated through a housing lottery.

Core recalled walking through the derelict building, likening it to a horror‑movie set with peeling paint and debris, while noting the “beautiful bones” of high ceilings and arch windows that guided the design vision.

The conversion illustrates how historic preservation can be paired with upscale development, while the inclusion of affordable units addresses New York’s housing shortage and signals a financing model that blends construction debt with private‑equity capital.

Original Description

Matt Linde, 40, and Udi Kore, 49, converted the former Brooklyn campus of St. John’s College into a 205-unit luxury apartment complex. Rents range between $2,495/month to $6,950/month, including the affordable housing units.