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Dormitory Along the Brooklyn Promenade May Become Condos

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The Brooklyn Law School has put a Promenade-fronting property that it's housed students and faculty in for the last 30 years on the market. With its primo location overlooking Lower Manhattan and down the street from Brooklyn's most expensive listing, NYDN suspects that someone will snatch up the 39-apartment building and convert it into condos. The school paid just $2.2 million for the property back in the 1980s, and expects to fetch around $30 million for it these days. The building at 2 Pierrepont Street is just one of a handful that the law school has put on the market in the last few years. The school's board of trustees voted to list the property now with the hope of fetching even more while the market's hot, but maybe no one told them that the Brooklyn market shows no signs of cooling off any time soon.

Because the building isn't protected, a developer could raze it and erect expensive condos in its place. [UPDATE: The building falls within the Brooklyn Heights Historic District.] Judging by similar occurrences in the notoriously low-inventory neighborhood, that just might be what happens.
· Prime Brooklyn Heights building owned by Brooklyn Law School could become fancy condos [NYDN]
· Former New York Mayor's Mansion Wants Record-Setting $40M [Curbed]
· It's Time To Stop Thinking About Brooklyn & Queens As Cheap [Curbed]