102 Pierrepont Street Sells for $3 Million

$3 million for a six-story townhouse on one of the best blocks in Brooklyn Heights? In a nabe where $1,000 a foot isn’t out of the question, $450 a foot sounds too cheap to be true. And it is, really, when you consider that the house is not your average one-family luxury pad. For years, the stately home has been chopped up into six rental units, one of which is still occupied by a rent control tenant. And that tenant is inconveniently located on the 5th floor, single-handedly dashing the hopes of would-be converters (or all those who don’t like the idea of a stranger traipsing through their living room on the way up to their apartment). The buyer, not surprisingly, was an investor rather than an end-user, according to Massey Knakal, which arranged the sale.
102 Pierrepont Sale Press Release [Massey Knakal] GMAP

13 Comment

  • Couldn’t the new owner offer to build an alternative unit on the ground floor for the sole tenant – freeing-up the top floors for whatever plans they might have? I presume the RC tenant would have to agree-to such a deal and could demand some incentives. But it would immediately improve the value of the property.
    Has any such miracle of cooperation ever taken-place in NYC??

  • brownstoneshalfoff

    “rent control tenant” de facto co-owner. 3 mil to partner with THEM in a Southern Pacific wide, stoopless townhouse. Yes, too good.

    “I presume the RC tenant would have to agree-to such a deal and could demand some incentives.”

    And there’s ya five fitty.

  • Yes. It is also my understanding that a new owner could actually remove the r/c tenant if he/she intended to occupy the whole building as a single family, which isn’t unrealistic for someone who could afford to buy and renovate in that area.

    • minard

      Colonel,
      Oh sure, I wonder why someone didn’t think of that earlier?
      You know why?
      because it is not true.
      Faced with a tenant who will not budge, there is nothing to be done without a court order and the Brooklyn courts will never order a tenant out of their rent-protected apartment.

      • expert_textpert

        Can be done.
        we renovated a townhouse that had a rent controlled tenant. The new owner offered to buy her an apt in the nabe (upper west side) and she’ll pay the same rent. She refused. We renovated the entire house around her. She had a studio apt and occupied the front parlor. The house had to be filed converting from a multi unit, to a two family (while she was still there) to a one family. He finally got her out via court order when her lease was up, citing that he is was converting to a one family.

        He had money to burn.

  • If only the rich could depopulate their neighborhoods without interference from residents!

  • it was a 3mm cash sale. they had other, higher, non-cash offers

  • minard

    of course it can be done if the tenant accepts a buyout. But some people will not budge no matter what, and you can’t make ‘em. I’m sure whoever is selling this house tried everything they could. It’s not like it escaped them that the house would be much more valuable if it is delivered vacant.

  • Are personal use occupancy evictions allowed for rent controlled units?