Heights Trophy Property Up for Grabs

Last week 24 Remsen Street hit the market, offering a deep-pocketed buyer the chance to own a 9,250-square-foot, 12-bedroom property in prime Brooklyn Heights for $14,000,000. The building, which its listing broker Donald Brennan purchased in 2005 and renovated into four condos that hit the market in late 2008, is now being positioned as either an investment opportunity or, potentially, a single-family mansion. Brennan has the following to say about the rationale behind the new listing: “When the work was complete in late 2008 market conditions were extremely poor but we advertised the units for sale anyway for a short period of time while we prepared to put the property into service as a rental property. I leased the 4 units in early 2009 and they are still occupied by tenants. As the real estate is extremely valuable due to its superior location, pre-existing non-conforming over-built bulk and attractive architectural style and details I am in no rush to dispose of it. A number of parties recently expressed interest in acquiring the property in its current configuration and use with the intention of using it as an owner-occupied rental property, so I put a price on it. The price equation includes a capitalized net operating income from three of the four rental units plus the market value of the remaining unit inclusive of the typical ownership premium. I thought I would advertise it more publicly while these parties are contemplating their next move.”
24 Remsen Street [Brennan Realty; 2nd Listing] GMAP