April 15, 2016
If 2015 was the year of the nine-figure condo sale, 2016 may be the year of the makeshift mega-mansion. From Roman Abramovich's troubled attempt to combine three Upper East Side townhouses to a $50 million Tribeca spread with 18 toilets, wealthy New Yorkers are going to great lengths to create their dream homes. The latest over-the-top offering is in Brooklyn Heights, where a five-story, 20-unit rental building just hit the market as a $22 million single-family residence.
As noted by the Wall Street Journal, the building at 50 Orange Street just sold in January for $13.5 million to Benchmark Real Estate Group, who quickly hired Lee Stahl of design/build firm The Renovated Home to draw up plans for how it could be converted to a single-family dwelling. These plans include four bedrooms (only four?), a gym, an 800-bottle wine cellar, and a roof terrace and would cost an additional $10.6 million to complete over a 16-month period.
But what about the tenants?