The Real Deal New York

Brooklyn Law School puts rental building on the market

School acquired BK Heights building three decades ago for $2.2M
July 09, 2015 02:50PM

Brooklyn Law School is planning to sell off a 12-story rental property in Brooklyn Heights.

Cushman & Wakefield listed the 39-unit building at 2 Pierrepont Street, which looks over the Brooklyn Heights promenade, according to the New York Daily News. The building could sell for $30 million, sources told the newspaper.

The law school, which has been selling off its assets in the neighborhood, bought the more than 40,000-square-foot property 30 years ago for $2.2 million, the newspaper reported. Since then, it’s been used for student and faculty housing.

A new owner could turn the building into condominiums or choose to tear it down and construct something new.

“After very careful consideration, the board of trustees decided that this is an opportune time to sell the property while the real estate market in Brooklyn Heights is at a peak,” the law school’s president, Nicholas Allard, told the Daily News. “This creates the opportunity to put the value of a unique property to better advantage for the future of the law school.” [NYDN]Claire Moses