NEW YORK CITY-The Recovery House of Worship is looking to sell its red-brick church on the corner of Schermerhorn Street and Third Avenue in Brooklyn to a buyer interested in redeveloping the site.

The firm has hired brokerage firm TerraCRG to market the property for sale. The site could accommodate up to 55,000 square feet of residential space or altogether a 100,000-square-foot building either by knocking down the existing church building or building new, according to Crain's New York Business.

Ofer Cohen, a principal at TerraCRG, says the Recovery House of Worship wishes to stay at the location and to continue to own the lower-level space of any project that is built on the site as a condominium interest.

"This is an interesting project from a location perspective, it's right in the middle of downtown Brooklyn, which increasingly is becoming a hot area where developers want to build residential space," Cohen says. "It's a complicated project, but there are very few land parcels left in downtown Brooklyn so there are many developers who are willing to take on the challenge for the opportunity."

The sales deal could initially be valued at about $20 million, minus the development costs to accommodate the church's needs. See story in Crain's New York Business.