Permits & development · Deals & development · 10/16/2026
Eckstrom sells gut-renovated Cobble Hill townhouse for $12.3 million
Developer Eckstrom NYC closed on 487 Henry Street in Cobble Hill for $12.3 million. The firm bought the former multi-family home for $4.7 million in 2024 and turned it into a five-bedroom single-family house of over 6,200 square feet. Co-founder Carlos Saavedra said Cobble Hill has a glut of renovated townhouses, and the firm is now moving into Manhattan.
Reported by The Real Deal · New YorkRead the original ↗
What happened
A gut-renovated townhouse at 487 Henry Street in Cobble Hill, Brooklyn, closed for $12.3 million, The Real Deal reported on October 16, 2026. The sale price came from Carlos Saavedra, co-founder of the boutique development firm Eckstrom NYC.
Eckstrom bought the property, a former multi-family home, for $4.7 million in 2024. The firm then renovated almost everything except the stoop and facade. The finished home has more than 6,200 square feet over five floors, with five bedrooms, four bathrooms, a back garden, two roof decks, a fitness studio, a sauna and a cold plunge.
The home first asked $14.3 million in April. The closing price was 14 percent below that. Saavedra said the price was "a little lower than we had projected" and called the asking price "pretty aspirational." He also said Cobble Hill has "a glut" of renovated townhouses. StreetEasy showed 12 single-family listings in the neighborhood asking at least $4 million when the article was published.
According to The Real Deal, Eckstrom has spent much of the last few years gutting rental buildings in high-end Brooklyn neighborhoods and turning them into single-family homes. Before the closing, actor Chris Pine sued Saavedra. Pine claims the developer did not return $100,000 in fees and deposits tied to a seven-week lease that was never executed.
Key facts
- Address
- 487 Henry Street, Cobble Hill, Brooklyn
- Sale price
- $12.3 million
- Purchase price
- $4.7 million in 2024
- Original asking price
- $14.3 million in April; closing was 14 percent lower
- Size
- Over 6,200 square feet, five floors, five bedrooms, four bathrooms
- Developer
- Eckstrom NYC, co-founder Carlos Saavedra
- Cobble Hill townhouse prices
- Q3 average $1,355 per square foot, up 8 percent from last year (Leslie Garfield data)
- Lawsuit
- Chris Pine claims $100,000 in fees and deposits was not returned
What it means
Landlords
Small multi-family buildings in brownstone neighborhoods are drawing developers who plan to convert them to single-family homes. The developer's own comments about a glut and a below-asking sale suggest that resale market is not unlimited.
Tenants and voucher holders
When rental buildings are converted to single-family homes, those apartments leave the rental market. The article does not say who lived at 487 Henry Street before the sale or how many units it had.
Buyers and owners
This home sold 14 percent below its first asking price, while Cobble Hill townhouse prices per square foot still rose 8 percent in the third quarter. Asking prices on renovated townhouses may leave room to negotiate.
The highlights
- Eckstrom bought the former multi-family home for $4.7 million in 2024.
- The price was 14% below the $14.3 million asking price set in April.
- Cobble Hill townhouse prices rose 8% to $1,355 per square foot in Q3.
Why it matters Landlords
Developers keep buying small Brooklyn rental buildings and converting them to single-family homes, which shows the demand for these properties.
Not known yet
- How many rental units the building had before the conversion, and whether any were rent stabilized
- What happened to any tenants living there when Eckstrom bought it in 2024
- Who the buyer is
- The current status of Chris Pine's lawsuit
Background
In New York City, changing a building's number of units or its use generally requires plans filed with and approved by the Department of Buildings (DOB) and an updated certificate of occupancy. Tenants in rent-stabilized apartments are protected by state rent laws administered by New York State Homes and Community Renewal (HCR). Owners generally cannot end those tenancies simply because they want to renovate or convert a building.
Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.
Related
Follow Bulwark on WhatsApp
Deadline countdowns, rule changes, voucher rents and breaking NYC housing news in your WhatsApp Updates. Free.
Send the message that opens, then save our number. WhatsApp only shows updates from saved contacts.
Brooklyn, NY
Filing or fixing something on a building?
DOB permits, Certificates of Occupancy, FDNY, DEP and DOT filings, prepared and followed until approved.
Photo: Andre Carrotflower, CC BY-SA 4.0