Brooklyn Heights

Packer purchases property for preschool and kindergarten

April 8, 2015 By Lore Croghan Brooklyn Daily Eagle
This is 100 Clinton St., the Brooklyn Heights building that Packer Collegiate just purchased. Eagle photos by Lore Croghan

Hey Packer parents: Here’s where your kids will go to preschool and kindergarten starting in fall 2017.

This is 100 Clinton St., a two-story building on a landmarked Brooklyn Heights block, which now houses medical offices.

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Packer Collegiate Institute closed earlier this week on its purchase. It was made with $22 million in tax-exempt fixed rate bonds Packer issued, which will also be used to refund the school’s existing debt, Packer officials announced.

The Clinton Medical Group building is just a block away from Packer’s campus at 170 Joralemon St.

“The purchase of 100 Clinton St. is a vital and transformative event for the School,” Head of School Bruce L. Dennis said in a statement. “In addition to adding a state-of-the-art early childhood center, it allows us to use the vacated space on Joralemon Street to expand our science, technology, engineering and math facilities.”

The sale deed hasn’t shown up yet in online city Finance Department records, so the precise price Packer paid hasn’t yet become a matter of public record.

Finance Department records indicate the sellers of the building are ASLM LLC, DRP-TIC LLC and SVK-TIC LLC.

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The building was deeded to the three LLCs last September by previous owner 100 Clinton LLC, which had Daniel Ricciardi as a member, Finance Department records indicate.

Barry Berkowitz and Justin DiMare of Newmark Grubb Knight Frank served as brokers in Packer’s purchase deal.

Packer, the oldest independent school in Brooklyn, was founded in 1845.

It hasn’t purchased property since 1967, when it acquired the former St. Ann’s Church. There are more than 1,000 students enrolled in the co-ed school, which runs from preschool through Grade 12.

J.P. Morgan was the underwriter for the Series 2015 Bonds, which received an A-3 rating from Moody’s Investor Services.

The strong bond rating “reflects the school’s current financial performance and future outlook,” Board of  Trustees Chair Ronan Harty said in a statement. A number of “significant investors” purchased the bonds for their portfolios, Chief Financial Officer Elizabeth Winter said.

The 12,000-plus-square-foot Clinton Street building has a 4,000-square-foot roof, which will be used as outdoor recreational space when the property is transformed into a school, the Brooklyn Eagle previously reported.

 


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