Lincoln Correctional Facility, located at 31-33 West 110th Street – is shutting down (h/t nydailynews.com). And there’s lots of talk about it getting converted into a luxury condo.
According to NYdailynews, the prison will be shut down and sold off in the next 90 days.
The prison was constructed in 1976. Since 1991, it has primarily housed drug-offenders. However, 5% of the 275 inmates have historically been white-collar criminals.
Lincoln Correctional Facility inmates have enjoyed unobstructed views of Central Park. This would be the main point of attraction among prospective buyers and builders.
The building stands eight stories tall, but boasts 72,000 square feet. So perhaps it will become a “boutique condo” with giant apartments and private elevator landings. Or if the property comes with air-rights (it’s unclear if it does), the possibilities for a builder could be endless.
Nearby condos and new developments have fetched insane prices, giving the public more reason to expect a luxury development to rise in the current home of Lincoln Correctional Facility. Circa Central Park, located at 285 West 110th Street, set a record for the most expensive uptown condo ever sold, when its penthouse sold for $9.4 million in 2018.
There are of course two different perspectives on the issue of any new development.
And it shouldn’t be a surprise that it’s the NYC real estate community which seems which pretty gung-ho about the future of Lincoln Correctional Facility. In a statement given to NYDailyNews, Sotheby’s International Realty broker Mae Bagai said:
That view doesn’t exist anywhere. Only the Met has something comparable, that’s how desirable it is. It’s prime, trophy real estate, and it’s exactly what everyone wants. It’s the perfect set-up for a condo or luxury rental. Whether you’re a buyer from New York, China, India, or the Middle East, people want a south-facing apartment in the city because you get sun all day. Developers will even build floor plans with living rooms facing south so they can get sun from the south, east and west.
But some of the area residents feel concerns about being priced out of the neighborhood. Erika Dickstein, a resident of 21 Central Park North, gave this statement to NYDailyNews:
F–k that! I don’t want it at all. I’m sick and tired of these high-rises coming in and ruining the community. I love my neighborhood, and this is going to completely change it.
So yeah. That’s pretty understandable.
The sale of Lincoln Correctional Facility will be handled by the government-run Empire State Development.Join our newsletter for more real estate stories: