Filling in Some Broken Angel Blanks

[Photo courtesy runs brooklyn/flickr]

When last we heard about Broken Angel, a transaction had taken place so that it could be redeveloped and sold as individual condos. The plan came in the face of city threats to demolish the building and significant cost to bring the building up to code. The new Real Deal fills in some detail about Broken Angel and why its owner and creater Arthur Wood put the building up for sale and, then, cut a deal with Shahn Andersen to develop the Clinton Hill landmark:

"He brought in a local developer mostly to appease the courts," said Michael Annunziata, the Massey Knakal sales director who was handling the sale of Broken Angel. "We put it on the market in October and got 25 offers for the property and its adjacent lot -- up to $1.9 million -- before he decided to develop it himself."

Annunziata believes the development arrangement will benefit both Wood and his creation.

"It's nice to see something unique," he said. "If it's done right it will have much success and preserve Wood's original vision."

Preserving Wood's vision is exactly what Broken Angel's developer Shahn Andersen says he wants to accomplish.

"When we're finished it will be even more esoteric and outlandish than it is now," said Andersen, who projects it will cost $3 million to renovate Broken Angel and develop the adjacent lot into a second Wood-designed structure Wood called the Sunflower Building. Andersen himself has rehabilitated several 19th-century brownstones in Brooklyn and Manhattan.

Andersen, who is financing the development, said that he and Wood will split the condo profits 50-50. "[Wood] is going to come out ahead," he noted.

The design for the renovated Broken Angel is quite attractive and, one can only assume that given a budget with which to work, Mr. Wood will end up enhancing his creation. This is one Brooklyn story for which we truly wish a happy ending.

Related Posts:
More on the Broken Angel Condo Deal
Broken Angel Sold & Saved: Will Become Condos