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Project: 2 Pierrepont Street (Condo Conversion)

Brooklyn Law School is continuing its mass Brooklyn Heights property sell-off with the prospective sale of its best located asset, a 12-story rental building facing the Brooklyn Heights promenade, the Daily News has learned.

The school has listed the 39-unit building, at 2 Pierrepont St., with commercial real estate brokerage Cushman & Wakefield. While no asking price is specified, sources said the building could trade for up to $30 million.

The school snagged the building for just $2.2 million 30 years ago and has been using it as student and faculty housing. Now, it could be converted to for-sale homes or even torn down by a developer to make way for some of the borough’s most luxurious housing.

“This is one of the best buildings in Brooklyn,” said one person with knowledge of the deal.

"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," Nicholas Allard, president and dean of the school, 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."

Offers are due on the property by July 17.

The 40,178-square-foot rental complex, which contains just three rent-stabilized units, is just around the corner from Brooklyn’s priciest home, a 15-bedroom, 16-bathroom property known as the Low Mansion, which dates back to 1856 and is named for its former owner, A.A. Low, whose son, Seth Low, was once New York City's mayor. The home is currently on the market for $40 million.

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http://www.nydailynews.com/life-styl...icle-1.2286563