One of Brooklyn Heights’ most visible corners is about to look very different. A two-story retail building at Atlantic Avenue and Court Street has sold for $30 million, clearing the way for a major overhaul of the busy intersection once its longtime Walgreens tenant moves out this summer.
Rogers Equities is the buyer of 120 Court Street, purchasing the property from the Sorkin family, according to Crain's New York Business. Newmark brokers Daniel O’Brien, Caroline Hodes and Loren Valla represented both sides in the deal, the reporting states.
Plans Filed For 14-Story, 75-Unit Tower
City records with the Department of Buildings show a proposal for a 14‑story, 75‑unit mixed-use building on the site, totaling about 86,913 square feet. According to PincusCo, the filing (DOB job B01379434) lists Thomas Scibilia of NA Design Studio as the registered architect and calls for ground-floor retail, amenity floors and a 38‑bike cellar storage room.
Walgreens Exit, Lot Specs And A Tax Break Play
Newmark broker Daniel O’Brien described the property as "a high-profile corner in Brooklyn Heights" in a statement to Commercial Observer. The buyer plans to pursue New York’s 485‑x property tax incentive for a high-end rental project, the outlet reports.
Walgreens currently occupies about 11,360 square feet across two floors and reportedly pays roughly $55,000 a month in rent. The store has announced it will close on June 4, while its lease runs through the end of August 2026. Property records show the site sits on roughly a 6,000‑square‑foot lot with 75 feet of frontage on Atlantic Avenue and 80 feet on Court Street, and it is also listed under the alternate addresses 120‑126 Court Street and 205‑209 Atlantic Avenue, according to PropertyShark.
Development Timeline And A Gap On A Busy Block
The 120 Court Street permit surfaced in industry roundups as one of the larger new filings in late March, a signal that developers are again eyeing modest downtown lots to add market-rate housing. The Real Deal flagged the application while tracking new building permits.
With approvals, demolition and construction still ahead, a multi-year timeline is likely before any new apartments hit the market. In the meantime, the June pharmacy closure will leave a prominent retail gap on a heavily trafficked block that also features a Trader Joe’s a short walk away at 130 Court Street, according to the grocer’s store listing.
