A Brooklyn townhouse developer completed the sale of a fully renovated property in Cobble Hill for $12.3 million, adding to the borough’s record luxury housing transactions. The five-story home at 487 Henry Street sold for 14% less than its $14.3 million asking price set in April, according to Carlos Saavedra, co-founder of Eckstrom NYC. The firm had purchased the former multi-family building in 2024 for $4.7 million before undertaking the renovation.
The 6,200-square-foot residence includes five bedrooms, four bathrooms, and a design featuring an open-plan kitchen that leads to a private garden. Two landscaped roof decks complement the wellness-focused amenities: a fitness studio, sauna, and cold plunge. The transaction involved Saavedra alongside Park Property Advisors and Carl Gambino of the Gambino Group at Compass, while Frank Giordano of Charney Brokerage represented the buyer.
Saavedra described the final sale price as slightly below expectations, noting the original asking price had been “pretty aspirational.” Eckstrom specializes in transforming rental buildings in Brooklyn’s most desirable neighborhoods into single-family homes. Among recent sales, the firm closed a $15 million property in Brooklyn Heights and a $14 million off-market deal at 170 Clinton Street—both completed in February. The developer has also expanded operations into Manhattan, with plans to develop 59 Morton Street in Greenwich Village and 248 West 12th Street in the West Village.
Brooklyn’s luxury townhouse market continues to show strong growth, with Cobble Hill’s average price per square foot climbing 8% year-over-year to $1,355 in the third quarter. Meanwhile, Brooklyn Heights reached $1,939 per square foot, a 47% increase. Saavedra observed that while Cobble Hill lags behind Brooklyn Heights in prestige, demand remains strong. However, he pointed to an oversupply of newly renovated townhouses in the area. At the time of the sale, 12 single-family homes in Cobble Hill were listed for at least $4 million, according to StreetEasy.
The sale of 487 Henry Street occurred following a legal dispute involving actor Chris Pine, who had sued Saavedra in April over unreturned fees and deposits related to an unfinished lease agreement. The developer declined further comment on the lawsuit but stated it had no effect on the sale price and anticipated a resolution shortly after closing. Eckstrom’s attorney previously indicated the matter would be settled through appropriate legal channels.
