In an interesting twist, real estate mogul Jared Kushner is planning to turn three dorm buildings he bought from the Brooklyn Law School back into the single-family brownstones they once were. The three properties are 100 Pierrepont Street, pictured above, 38 Monroe Place and 27 Monroe Place in Brooklyn Heights, according to The Real Deal.
There is a high demand for “luxury townhouses” in the neighborhood, which sell for $,200 to $1,600 a square foot, said an associate broker at the Corcoran Group. “These would certainly be absorbed quickly,” she said.
Kushner picked them up along with three other dorms in February $36,500,000. The three other buildings will remain rentals.
This is almost as good as when Steve Jobs bought a Palo Alto bungalow for the purpose of razing it and turning the property back into an apricot orchard. As property values rise in Brooklyn, new townhouse development is on the rise and more owners are jettisoning rentals at the highest end of the market even as developers convert old townhouses into smaller condo units for other buyers.
Kushner to Convert Brooklyn Law Buildings to Mansions [TRD]
Photo by Nicholas Strini for PropertyShark