The historic Kensington Stables in Brooklyn has reason for optimism after teetering on the edge of bankruptcy.

The Blankenship family, owners of the stables since the 1930s, hopes to reach an agreement by the end of August to sell it to the New York City Economic Development Corp. in order to preserve its use as a stable and avoid a bankruptcy auction, DNAInfo reports.

City Councilman Brad Lander expressed tentative plans, if and when a sale agreement is reached, to use the stables for public and therapeutic riding, as well as a headquarters for the mounted Parks Enforcement Patrol. Though Lander said specifics have not been finalized and must go through the uniform land use review procedure, a bankruptcy judge is exerting pressure on the Blankenships to sell sooner rather than later.

If the sale goes through, the Economic Development Corporation would transfer ownership to the NYC Parks Department, which would then select an operator for the stables through a bidding process — one the Blankenships hope to win. Whoever is selected will be tasked with major renovations.

Next door, the owners of 57 Caton Place, unaffiliated with the stables, are planning to file for rezoning in the hopes of developing two nine-story buildings comprising 107 residential units with a ground-floor marketplace.