The Market

How a Bed-Stuy brownstone owner turned an illegal SRO into a $6 million mansion

By Leigh Kamping-Carder  | July 2, 2014 - 2:59PM

When furniture designer Ben Erickson told us about his remarkable living situation in June—he gut renovated the top floor of a Bed-Stuy brownstone in exchange for a $1,000 monthly discount on the rent—we were pretty impressed the arrangement worked out for him.

“We just kind of vibed," he said at the time, referring to his landlord. "We just connected and somehow instinctually knew that we were just going to be friends and everything was going to be cool.”

But it seems his landlord made the smarter move. Claudia Moran, the owner of 247 Hancock Street, bought the place in the mid-1980s when it was an illegal SRO. In September, she plans to list the place for a whopping $6 million, Brownstoner reports. We wouldn't be surprised if that was a record high price tag for the neighborhood.

Back in the '80s, Moran put down a mere $7,500 for the place, according to Brownstoner, and took out a $99,000 mortgage, per city property records. These days, she rents out the parlor room and backyard for weddings and private events

And Erickson? He's hoping to find another property where he can pull the same cheap-rent-for-reno deal. Landlords, take note.


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