Barbara Corcoran buys $1.4M Bed-Stuy townhouse

By Adam Pincus | September 12, 2008 12:31PM

Barbara Corcoran, founder of the Corcoran Group, closed on the purchase of a five-family limestone townhouse in Bedford-Stuyvesant for $1.46 million yesterday, she told The Real Deal.

The three-story building at 408 Stuyvesant Avenue near Fulton Street in the Stuyvesant Heights Historic District had seen a series of price cuts from a listing of $2.1 million in late 2006. The seller, named 593 Jefferson Ave. LLC, purchased the house in August 2005 for $499,500, according to city records.

It was not immediately clear what Corcoran, an author and real estate investor, was planning to do with the 4,000-square-foot building.

Corcoran has been investing in real estate in New York City and beyond since selling her company in 2001 for $70 million. In April, Corcoran and her husband paid $4 million for a condo in a converted townhouse in Lenox Hill. 

The Daily News reported last year that Corcoran owned 12 properties in Manhattan, Brooklyn and the Bronx, in addition to an apartment in Manhattan, a beach house in Fire Island and a school house in Duchess County.

In 2005, Corcoran bought a three-story building, with two apartments and ground-floor commercial space, at 293 Van Brunt Street in Red Hook for $1.08 million. It took her two years and a series of rental price cuts before she leased the storefront.