G&M Realty, which is planning two rental towers at the site, wants to name the new venue 5Pointz.
Much of the graffiti center has been gutted, as its owner plans a new apartment development at the site.
The city received 211 complaints about graffiti in the neighborhood this year, compared to 96 in 2013.
Police said they tracked nine locations Adam Cole tagged before finally catching him in the act.
The murals are the subject of a tour by the TAG Public Arts Group.
Catch up on some of DNAinfo New York's most popular stories of the week.
DNAinfo New York mapped the city's 311 complaints for graffiti in 2014 using city data.
Council members Vincent Ignizio and Steven Matteo gave the funds to Where to Turn to clean up litter.
Muralists painted the wall of a Crown Heights hardware store for the anniversary of Sept. 11.
The graffiti was found a week after a Jewish tenant moved into the President Street apartment building.
The opening of a health care facility in Forest Hills has been delayed.
The NYPD Hate Crimes Unit is investigating a half-dozen cars found with racist graffiti, they said.
The man spray painted the graffiti on the steps of the Blessed Sacrament School in Staten Island.
"TIMEBOMB" is a new exhibit featuring a dozen graffiti artists at Urban Folk Art Gallery.
Mike Perry said he hopes his work will be the first in a series of public art on Bergen Street.
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