25 Monroe Place in Brooklyn Heights Sells for $35 Million

By on March 2, 2014 9:06 am in Real Estate

The Real Deal reports that 25 Monroe Place has been sold to DLJ Real Estate Capital Partners for $35 million. Changes are definitely in the cards for Brooklyn Heights’ widest street the recent sale of nearby numbers 27 and 38 Monroe Place to Jared Kushner and the continuing decay/renovation/demolition by dereliction drama at number 1 will shake things up at the very least.

The Real Deal: Samson, a real estate holdings company, has owned the 60,700-square-foot property at 25 Monroe Place since paying $15.6 million for it 11 years ago, property records show. The A. Rollin Caughey-designed building between Clark and Pierrepont streets was constructed in 1938. It holds 67 rental units, mostly studios and one-bedrooms.
The investment marks DLJ’s first foray in Brooklyn Heights. DLJ has no plans to renovate the building. The firm also recently partnered with Alloy Development on the 1 John Street condo project in Dumbo.

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  • Karl Junkersfeld

    StreetEasy says that it was sold 2/13/2014 for $38,500,000 which breaks down to $575,000 per apartment. That seems a lot for studios and one bedrooms. I assume there aren’t many rent control/stabilized tenants in the building. There must be something I am missing. Does anyone have any idea why they would pay so much? I am sure they know what they are doing but it escapes me at first glance.

  • Teresa

    Do you have a link the Real Deal article?

  • Andrew Porter

    Here ya go:

    http://tinyurl.com/km6kjt8

    Hey, Homer, who brought this to your attention (in an e-mail earlier this weekend)?

  • Neighborhood gal

    Speaking of the decaying building at 1 Monroe, does anybody know what the deal is there?

  • Andrew Porter

    I was told the plans to rebuild it as a 5-story condo are slowly working their way through Landmarks, but that was last year.

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