DC's Most Intriguing Lofts Could Be Sold Separately

• October 2nd 2014

by UrbanTurf Staff

In late 2013, UrbanTurf reported on the Pierce School hitting the market, a former Capitol Hill schoolhouse that had been transformed into a sprawling 9,500 square-foot, two-level loft with seven loft rentals below, and two adjacent rowhouse flats.

When Jeff Printz and Chris Swanson bought the former school at 14th Street and Maryland Avenue NE (map) from the city in 2000, it was a shell with four feet of water in the basement. The only tenants at the time were pigeons and rodents. (You can read all about the history of the property and its many amenities here.) They spent five years renovating it into the collection of residences that it is today, and have lived in the top-floor unit -- with its four guest bedrooms, 14-person movie theater and 800 square-foot roof deck -- since it was completed.

Last year, Printz and Swanson put the whole property -- all ten units for around $7 million -- on the market as one listing they set their sites on a new project, the transformation of the former New Union Garage at 643-645 Maryland Avenue NE (map) into their new home.

However, the duo found that finding a buyer for a property such as the Pierce School proved tougher than anticipated.

"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," Printz wrote to UrbanTurf. "It was a true catch-22."

So now the plan is to sell the units -- the owner's penthouse, the seven rental lofts and the two flats in an adjoining rowhouse -- separately. If the condo conversion process concludes smoothly, the residences could hit the market in late October. Printz noted that current residents will be given the opportunity to purchase their unit at a discounted rate or continue on as a renter and the owners will "remove it from the sales line-up."

As far as pricing, the lofts and flats will likely range from $375,000 to $535,000. The 9,500 square-foot owner's unit will be listed for around $2.9 million.

Below are more photos of the owner's loft, the individual units, and the property's amenities. A website has been set up about the school for those that want more information.

Have a property as special as this that you would like featured on UrbanTurf? Email us at editor2014@urbanturf.com.

Photos courtesy of Home Visit.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dcs_most_intriguing_lofts_could_be_sold_one_at_a_time/9047.