City Close To Deal To Buy Kensington Stables, Broker Says

KENSINGTON, BROOKLYN — The city is close to a deal to buy Kensington Stables and keep the property for horseback riding in Prospect Park, according to the agent managing the sale and local city councilman.

A judge has approved a liquidation plan that would allow the bankrupt property to be sold to the city's Parks Department, agent Marc Yaverbaum told Patch. But Yaverbaum said a few "fine details" are being worked out.

"I'm thrilled about this next step in the City's effort to buy Kensington Stables and preserve horseback riding in Prospect Park for many years to come," City Councilman Brad Lander said in a statement to Patch. "I was pleased to work with the Borough President and City Council Speaker to secure the resources for a potential acquisition and renovation, and I'm very grateful to the Parks Department, NYC Economic Development Corporation, and City Hall for working pro-actively on this effort.

"This would be a great win for our community, and I'm very hopeful we can make it work."

Brooklyn Paper first reported this news.

The sale would allow the property to remain a horseback riding facility for people in the community to use instead of being turned into an apartment building or mixed-use development.

Owner Walt Blankenship said in February that he needs to sell the property to pay off unpaid debts racked up by his father. And Lander said he would not support a re-zoning of the property that does not preserve it as a horse stable.

Lander and Brooklyn Borough President Eric Adams have pledged a combined $1.5 million for the city to buy the property.

The judge had originally said that the property would go up for auction on June 22 if a deal couldn't be reached.

Yaverbaum told Patch that if the deal goes through, it would be for less than market value because Blankenship wants to make sure the property remains a stable.

"Mr. Blankenship is selling the property for much less than the market value to the city just so it does remain a stable," Yaverbaum told Patch. "They want to see the property remain a stable for the future."

Mae Ferguson, a spokeswoman for the Parks Department, said in a statement to Patch only that "Parks is in talks to acquire the stables."

Image: Patch file photo