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December 1st, 2015
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Business Real Estate

Real Estate

It's Happening in Bklyn: $40M Townhouse for Sale

It's Happening  in Bklyn: $40M Townhouse for Sale

Brooklyn has obviously gone through dramatic changes over the last decade. The hip nightlife and art scenes of Lower Manhattan have overflowed into Williamsburg and Downtown Brooklyn and now continue to spread throughout the borough. With gentrification of course comes rising prices, especially in real estate. An estimated 17,500-square-foot Brooklyn Height’s brownstone is taking the market to new heights with an expected listing price of $40 million, according to the agent.

This price will break records for a residential property in the borough. President of Miller Samuel Real Estate Appraisers, Jonathan Miller, said the brownstone will be the highest priced single-family home or apartment on record in Brooklyn. According to Miller, the next most expensive is currently listed at $32 million for a condo, which measures approximately 11,000-square-feet.

As of now, the record holding price actually paid for a Brooklyn home remains Truman Capote's residence at 70 Willow Street, which was sold for $12 million in 2012. If the brownstone sells for the exorbitant asking price of $40 million, it will more than triple the current record.

Managing director at Ideal Properties, Aleksandra Scepanovic, said, “This is a very daring number and some may say its wishful thinking but we have seen properties trading at numbers that defy logic in Brooklyn. This is definitely the property to test the Brooklyn waters.”

Built in 1836-57, the mansion is located at 3 Pierrepont Place, and is named Low Mansion, after one of the previous owners, businessman A.A. Low. His son, Seth Low had at one time served as Brooklyn’s mayor, then in 1902, became mayor of New York.

The home contains a superfluous 16 bathrooms and 15 bedrooms; in addition to over 9,000-square-feet of yard space, which includes a lavish garden and patio. Many of the building’s historic features have been preserved over the years, such as the grand staircase with a central skylight, stone lined fireplaces and lofty ceilings.

Corcoran Group Real Estate’s Vicki Negron has the listing, which notes that the building is four floors containing 50 rooms.

Currently the brownstone is divided into eight separate apartments. However, owner Jeff Keil says it can be sold as a vacant property, since all tenants have short-term leases.

According to public records, in 1991, retired banker and former president of Republic New York Corp, Keil, purchased the building for a mere $2.3 million.

His partner, Danielle Pinet, and he live in the building occupying a two-story unit with five bedrooms.

Keil’s reason for putting the property up for sale is that his partner and he are spending an ever-increasing amount of time at a Florida home. However he told the Wall Street Journal that he’ll miss having large gatherings for Thanksgiving, with 34 people seated at the table in their Brooklyn apartment.


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