What's Hot: A 50-Unit Development is Pitched For Recognizable Buildings Along H Street | The Fastest Moving Prices in DC
D.C.‘s Most Intriguing Lofts Go Under Contract

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.”
See other articles related to: pierce school lofts, pierce school
This article originally published at http://dc.urbanturf.com/articles/blog/pierce_school_lofts_go_under_contract/9203
Most Popular... This Week • Last 30 Days • Ever

DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »

Just a month after setting a new high in March, the value of a house in DC skyrockete... read »

The National Capital Planning Commission will consider approval of the final master p... read »

A look around DC to see where home sellers are dropping their prices.... read »

The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
- First-Timer Primer: DC's Home Buyer Assistance Programs
- $1.4 Million: The Price for a House in DC Hit a New High in April
- The Massive Development at DC's Armed Forces Home Looks to Get Key Approval in June
- Where Are Home Sellers Dropping Their Prices in DC?
- A 50-Unit Development is Pitched For Recognizable Buildings Along H Street
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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro