22,000 sf Condo loft conversion of fire gutted building Historic landmark More photos & drawings » "Architects Now Doubling as Developers," June 1988 » "Financing Landmark Renovation Project in Brooklyn," April 1988 »		159 Carlton Avenue, Brooklyn NY The Feuchtwanger Stables after conversion 159 Carlton Avenue, originally the Feuchtwanger Stables, is a historic landmark located in the Fort Greene section of Brooklyn. The stables, which had been occupied by an auto repair garage, were abandoned following an arson fire in the mid 1980's. Anderson Associates executed a complete restoration and converted the deteriorating building into family-sized loft apartments. Completed in 1988, the restored building has gained admission to the National Register of Historic Places. This project was financed through a creative use of the historic tax credits. After achieving designation as a state landmark, a limited partnership was crafted whereby individual investors would be shielded from risk to the extent of their investment. Upon approval of the Condo Plan by the Attorney General's office, investors converted their interest to fee simple ownership of individual condominium units. As condo owners, they received full tax credit benefits provided they rented their units. The tax credits were enough to pay back the entire investment, leaving investors cashed out and owners of hopefully appreciating real estate. Even though the condo market crashed shortly after the transfers were made, the cash remaining was negligible, and eventually, the market recovered. Resales in the area have been very strong as Fort Greene continues to assert itself as one of Brooklyn's premier brownstone communities. This elegant starky austere Romanesque revival building exemplifies an architectural style that was found in some of the best stable and warehouse designs of the era. The brick was carefully stripped and repointed. The entry doors and bay windows were recreated from original Department of Building Filings. A flying entry stair creates a dramatic entry and foyer for the entry. Large open lofts were swiftly marketed and rented out and have provided a market leader for rental apartments in the area since that time.
	© 2002 Anderson Associates, Inc.