Law School Student Housing in Brooklyn Heights Could Become Luxury Condos

July 13, 2015 — Long before Dumbo was even a thing and back when Red Hook was crowned in 1990 by Life magazine as one of the ten worst neighborhoods in the United States, calling it the crack capital of America, Brooklyn Heights was already a pricey and much-coveted neighborhood. Talk about location, location, location: it boasts the promenade overlooking the Statue of Liberty and the New York skyline, it's within walking distance of the Brooklyn Bridge, and it offers just about every subway line you'll ever need to get anywhere you want. With the explosion of the luxury market, it's little wonder that prices — and the opportunities to make some serious cash — have skyrocketed. Brooklyn Heights is home to Brooklyn Law School. The school has reportedly been selling a lot of its property. Late this week, reported the New York Daily News, the school put one of its best located buildings on the market. The 12-story rental at 2 Pierrepont Street faces the promenade. According to the Daily News, "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." Can you say condos? The Daily News also reported that "while no asking price [was] specified, sources said the building could trade for up to $30 million." Sorry, students and faculty. Unless you have the cash for a luxury condo, looks like you will all have to get used to a longer commute.