Eckstrom Sells Cobble Hill Townhouse for $12M

Another project by a prolific Brooklyn townhouse developer has sold for eight figures.

The townhouse at 487 Henry Street closed for $12.3 million, according to Carlos Saavedra, co-founder of boutique development firm Eckstrom NYC.

Eckstrom bought the former multi-family home in Cobble Hill for $4.7 million in 2024 before embarking on an extensive renovation, turning over almost everything except for the stoop and facade. Spanning over 6,200 square feet across five floors, the home comes with five bedrooms and four bathrooms.

The kitchen opens directly out to the private back garden, and the home has two other landscaped roof decks. It also has the hottest (and coldest) wellness amenities, including a fitness studio, sauna and cold plunge.

Saavedra, with Park Property Advisors, and Carl Gambino of the Gambino Group at Compass had the listing. Charney Brokerage’s Frank Giordano represented the buyer.

The closing price is 14 percent less than the home’s original $14.3 million asking price in April, a slightly larger discount than some of the developer’s other recent single-family sales.

The developer has spent much of the last few years gutting rental buildings in tony Brooklyn neighborhoods and turning them into pricey single-family properties. In February, Eckstrom closed on a home at 307 Hicks in Brooklyn Heights for $15 million, barely under its $15.5 million asking price. A townhouse at 170 Clinton Street sold off-market for $14 million that same month. Compass’ Noah Plener, along with Saavedra, had those listings.

“The price is a little lower than we had projected, but I’m happy with the outcome,” Saavedra said. The asking price was also “pretty aspirational,” he admitted.

The property made headlines ahead of its closing after actor Chris Pine sued Saavedra, claiming the developer did not return $100,000 in fees and deposits related to a seven-week lease that was never executed.

Saavedra declined to comment on the lawsuit, but said it didn’t affect the sale price. (An attorney for the developer previously told The Real Deal that “Saavedra is confident it will be resolved through the appropriate channels.”)

Prices have continued to rise for townhouses in Brooklyn’s most sought-after neighborhoods like Cobble Hill and Brooklyn Heights. Earlier this year, Cobble Hill saw a new townhouse price record when the home at 205 Clinton Street closed for $16 million.

In the third quarter, the average price per square foot for the property type in Cobble Hill was up 8 percent compared to last year to $1,355, according to data by Leslie Garfield. In Brooklyn Heights, it was up a whopping 47 percent to $1,939.

But Saavedra said he sees Cobble Hill still coming into its own as a luxury market, behind Brooklyn Heights.

The neighborhood is also suffering from “a glut” of renovated townhouses, according to Saavedra. StreetEasy shows 12 listings for single-family homes asking at least $4 million at the time of publishing.

Following its string of Brooklyn deals — the firm has also converted a number of homes into boutique condos for sale — Eckstrom has been pushing into Manhattan. The developer has plans to develop and sell 59 Morton Street, a landmarked residence in Greenwich Village, and 248 West 12th Street, a two-family home in the West Village.

Saavedra, who is a licensed broker, said he’s going to bring sales for those properties and other future projects in-house.