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Former Student Housing to Become Single-Family Mansions

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Brooklyn Law School sold six of its off-campus student housing buildings to developer Jared Kushner for $36.5 million earlier this year, and development plans for half of the buildings have been revealed. According to the Real Deal, Kushner plans to jump on the single-family townhouse bandwagon and turn three of the Brooklyn Heights buildings into sprawling new mansions. An unnamed source says that the addresses slated for the makeover are the five-story houses at 100 Pierrepont Street, 27 Monroe Place, and 38 Monroe Place.

Currently, 100 Pierrepont holds 10 units in 6,000 square feet; 38 Monroe also has 10 units, but is slightly larger, at 6,167 square feet; 27 Monroe is the biggest, with 13 units in 7,300 square feet. Given that this is Brooklyn Heights, the reborn homes would like have no trouble selling. Townhouses in the area sell for between $1,200 and $1,500 per square foot right now, but according to one broker, if the new homes have lots of "bells and whistles," they could fetch $1,600/square foot. That would be a price tag of about $11.68 million for 27 Monroe Place.

No word yet on what the plan is for the other properties that Kushner acquired as part of this deal. They are all in Brooklyn Heights as well, and they are located at 144 Willow Street, 18 Sidney Place, and 89 Hicks Street. Kushner, along with a few partners, also recently purchased six buildings from the Jehovah's Witnesses, so he's going to be very active in this part of Brooklyn.
· Kushner to convert Brooklyn Law buildings to mansions [TRD]
· On the Market [Curbed]