The Pierce School
The building that houses some of the most intriguing lofts in D.C. has found a buyer. The Pierce School on Capitol Hill went under contract last week.
Developers and owners Chris Swanson and Jeff Printz bought the building at 1375 Maryland Avenue NE (map) in 2000 for $275,000. They gut-renovated it, transforming the school building and a couple of adjacent rowhouse flats into nine rentable units plus a sprawling 9,500-square-foot penthouse complete with a movie theater, four guest rooms and an 800-square-foot deck.
The property has been on the market since late 2013, when it was initially listed at $7.25 million. The price was later lowered to $6.5 million. Printz previously explained to UrbanTurf why finding a buyer was tricky: “The reality we found out is that the penthouse unit, being so large, does not appeal to a traditional multi-family buyer, and the many folks that wanted the penthouse did not want to be bothered by rental units,” he said. “It was a true catch-22.”
Then, in early October of this year, Printz told The Washington Post he was planning to divvy up the units and sell them separately as condominiums.
But it looks like he may not have to. The building went under contract on November 4. In an email to UrbanTurf, Printz called the contract “amazing news,” though he emphasized that the deal had not yet closed. The buyer can exercise their appraisal and inspection contingencies until November 26.
And that wasn’t the only good news for Printz, who recently got the government approval he needed to move forward with the condo conversion. The government’s deadline “is what has motivated this contract,” he told UrbanTurf. “So worst-case scenario [the sale] does not work, we will be able to finish the condo process and I move to market.”
This article originally published at https://dc.urbanturf.com/articles/blog/pierce_school_lofts_go_under_contract/9203.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
The new images provide a better sense of the big residential plans in the works for t... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
On Tuesday, the Federal Housing Finance Agency announced an increase to mortgage loan... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
The concept includes 14 lanes for bowling, a 1,200 person concert venue, a craft bar ... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro