One other undertaking by a prolific Brooklyn townhouse developer has bought for eight figures.
The townhouse at 487 Henry Street closed for $12.3 million, based on Carlos Saavedra, co-founder of boutique growth agency Eckstrom NYC.
Eckstrom purchased the previous multi-family residence in Cobble Hill for $4.7 million in 2024 earlier than embarking on an in depth renovation, turning over nearly all the things apart from the stoop and facade. Spanning over 6,200 sq. ft throughout 5 flooring, the house comes with 5 bedrooms and 4 bogs.
The kitchen opens instantly out to the personal again backyard, and the house has two different landscaped roof decks. It additionally has the most well liked (and coldest) wellness facilities, together with a health studio, sauna and chilly plunge.
Saavedra, with Park Property Advisors, and Carl Gambino of the Gambino Group at Compass had the itemizing. Charney Brokerage’s Frank Giordano represented the client.
The closing value is 14 p.c lower than the house’s unique $14.3 million asking value in April, a barely bigger low cost than a number of the developer’s different latest single-family gross sales.
The developer has spent a lot of the previous few years gutting rental buildings in tony Brooklyn neighborhoods and turning them into dear single-family properties. In February, Eckstrom closed on a house at 307 Hicks in Brooklyn Heights for $15 million, barely below its $15.5 million asking value. A townhouse at 170 Clinton Street bought off-market for $14 million that very same month. Compass’ Noah Plener, together with Saavedra, had these listings.
“The value is a bit decrease than we had projected, however I’m proud of the result,” Saavedra stated. The asking value was additionally “fairly aspirational,” he admitted.
The property made headlines forward of its closing after actor Chris Pine sued Saavedra, claiming the developer didn’t return $100,000 in charges and deposits associated to a seven-week lease that was by no means executed.
Saavedra declined to touch upon the lawsuit, however stated it didn’t have an effect on the sale value and expects the dispute to be settled shortly after the closing. (An lawyer for the developer beforehand informed The Actual Deal that “Saavedra is assured it will likely be resolved by means of the suitable channels.”)
Costs have continued to rise for townhouses in Brooklyn’s most sought-after neighborhoods like Cobble Hill and Brooklyn Heights. Earlier this yr, Cobble Hill noticed a brand new townhouse value file when the house at 205 Clinton Street closed for $16 million.
Within the third quarter, the common value per sq. foot for the property sort in Cobble Hill was up 8 p.c in comparison with final yr to $1,355, based on knowledge by Leslie Garfield. In Brooklyn Heights, it was up a whopping 47 p.c to $1,939.
However Saavedra stated he sees Cobble Hill nonetheless coming into its personal as a luxurious market, behind Brooklyn Heights.
The neighborhood can be affected by “a glut” of renovated townhouses, based on Saavedra. StreetEasy exhibits 12 listings for single-family houses asking not less than $4 million on the time of publishing.
Following its string of Brooklyn offers — the agency has additionally transformed a variety of houses into boutique condos on the market — Eckstrom has been pushing into Manhattan. The developer has plans to develop and promote 59 Morton Road, a landmarked residence in Greenwich Village, and 248 West twelfth Road, a two-family residence within the West Village.
Saavedra, who’s a licensed dealer, stated he’s going to convey gross sales for these properties and different future initiatives in-house.
Learn extra
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