Brooklyn's iconic Grand Prospect Hall sold for $22.5 million

Brooklyn’s Grand Prospect Hall, the lavish banquet hall that famously advertised “Where Dreams Come True,” has been sold for $22 million, according to Gothamist. The Real Deal reports it was sold as part of an overall $30 million deal for 12 neighboring properties, purchased by Gowanus Cubes, which is an LLC operated by Angelo Rigas.

Michael and Alice Halkias purchased the turn-of-the-century palace in 1981 and opened Grand Prospect Hall in 1985. The television commercials, which starred the owners proclaiming the “Where dreams come true” catchphrase, became as iconic as GPH’s ornate, marble-and-crystal furnishings, and were lovingly parodied over the years by Saturday Night Live, Jimmy Kimmel and others.

Michael Halkias died in May of 2020 from COVID-related complications at age 82. The Real Deal reports that Alice served as the signatory on the sale.

In addition to weddings and other celebratory occasions, Grand Prospect Hall has hosted concerts over the years as well: Arcade Fire celebrated the release of Everything Now there in 2017 and Hot Tuna played there earlier that same year; DFA held their 12th anniversary blowout there in 2013; and many editions of the Zlatne Uste Golden Festival have been held there. It’s also been a location for 30 Rock, Gossip Girl, The Cotton Club, Prizzi’s Honor, The Royal Tenenbaums and other film and TV productions.

There’s been no statement on what Rigas plans to do with the properties that, according to The Real Deal, total 73,104 square feet. “Controlling the assemblage gives Rigas, an electrical contractor, the option of constructing a substantially larger building at the address,” they write. “His father, Gregory Rigas, built several projects in the area, including the 80-unit rental tower 574 Fourth Avenue, near 16th Street.”