From a Gangster’s ‘Rat Pit’ to Sunny Condos: Duplex Atop the Third-Oldest Building in Manhattan Lists for $US1.825 Million
The 250-year-old structure in the South Street Seaport District had a colorful past before a developer converted it to apartments in the 1990s
By CHAVA GOURARIE
Thu, Oct 31, 2024 8:39am 3min
The two-bedroom duplex occupies the top two floors of the Captain Joseph Rose house in the South Street Seaport District, built in 1773 as a home for the lumber merchant.
Joel, DD-Reps
An apartment atop the third oldest building still standing in Manhattan has hit the market for $1.825 million.
The two-bedroom duplex occupies the top two floors of the Captain Joseph Rose house in the South Street Seaport District, the third oldest building in Manhattan after the Morris-Jumel Mansion in Washington Heights and St. Paul’s Chapel near the World Trade Center. In 1773 it was a fashionable two-story home for Rose, a successful lumber merchant, but its more colourful history came a century later, during the Civil War era, when it was the site an infamous saloon known as “Kit Burns’ Rat Pit,” run by one of the founders of the Dead Rabbits gang.
The bedroom shows few signs of the building’s unsavoury past.
Today, the 1,424-square-foot unit shows few signs of its unsavoury past. Located on a cobblestoned side street, the building still retains its brick facade and original Georgian-style, but the upper floors were added after a fire in 1904, and the interiors were completely restored by architect Oliver Lundquist when the building was converted to condos in 1997.
The sellers, who purchased the unit for $1.575 million in 2022, listed the property with Lindsey Stokes and Allison Venditti of Compass on Tuesday.
When Rose built the home on Water Street, the isle of Manhattan was smaller, and the home had direct access to the East River where he docked his merchant ship, Industry . By the turn of the century the ground floor had been converted to commercial use, and it was used as an apothecary, a cobbler shop, a watchmakers’ shop and a grocery.
The Captain Joseph Rose building before it was converted to condos. Library of Congress
By the 1860s, the bustling South Street Seaport had begun to decline as shipping lines moved to larger ports along the Hudson River, and the neighbourhood deteriorated. The Joseph Rose building was purchased by Christopher “Kit” Burns, who opened a saloon called Sportsman’s Hall, a den of vice most notable for its rat pit—the largest in the city—where Burns staged “rat baiting” events, in which caged dogs compete to kill rats while spectators bet on the outcome.
Journalist James W. Buel described Sportsman’s Hall in a book on American cities published in 1883. “This place was once an eating cancer on the body municipal,” he wrote. “Within its crime begrimed walls have been enacted so many villainies, that the world has wondered why the wrath of vengeance did not consume it.”
In 1870, the saloon was shut down by the authorities, and Burns leased the building to the Williamsburg Methodist Church, which used it as a refuge for women. Burns, meanwhile, opened a rat pit down the block at 388 Water St.
As the years progressed, the building suffered fires in 1904 and again in 1976, after which it fell into disrepair and was seized for unpaid taxes. In 1997, the city sold the neglected building to developer Frank Sciame Jr. for just $1, who restored it and converted it to luxury condos.
The light-filled apartment has two bedrooms and occupies the top two floors of the Captain Joseph Rose house.
The upper unit has traded hands several times in the decades since. Currently, the unit begins with a foyer that leads to an open plan living and dining area on the main level, with a staircase leading to two bedrooms on the upper level, and a private rooftop.
After purchasing the unit, the sellers worked with designer Lauryn Stone to renovate the upper level, reconfiguring the floor plan and remodelling the primary bathroom, according to Stokes. The interiors feature finished white oak floors and painted brick walls, with built-in shelves and a ventless fireplace in the living room, stone counters in the kitchen, a walk-in closet off the primary bedroom, and two rows of six-over-six panelled windows adding light and air.
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
Rising rates, construction inflation and shrinking investor confidence are pushing Australia deeper into a dangerous housing spiral that monetary policy alone cannot fix.
Automobili Lamborghini and Babolat have expanded their collaboration with five new colourways for the ultra-exclusive BL.001 racket, limited to just 50 pieces worldwide.
Related Stories
Property
WHY THE HOUSING CRISIS IS ABOUT TO GET MUCH WORSE
By Paul Miron, Opinion 08/05/2026
Property of the Week
Property Of The Week: Pandolfini-Designed Home Features Sculptural Architecture
By Kirsten Craze 08/05/2026
Property
RETAIL PROPERTY BOOM FACES NEW RISKS AS GEOPOLITICS CLOUDS OUTLOOK
By Jeni O'Dowd 04/05/2026
WHY THE HOUSING CRISIS IS ABOUT TO GET MUCH WORSE
Rising rates, construction inflation and shrinking investor confidence are pushing Australia deeper into a dangerous housing spiral that monetary policy alone cannot fix.
By Paul Miron, Opinion
Fri, May 8, 2026 2min
The Reserve Bank had little choice but to raise interest rates again this week.
Inflation was already proving stubborn before the latest Middle East instability added further pressure to energy prices and supply chains.
Housing inflation alone has averaged six per cent over the past year, remaining one of the single biggest contributors to CPI.
But while the focus remains on rates, the deeper problem is structural and far more dangerous.
Australia is not building enough homes, and the conditions required to fix that are deteriorating simultaneously.
Construction costs remain elevated. Builders are increasingly unwilling to absorb contract risk. Labour shortages persist.
Capital is becoming more expensive. And as borrowing capacity weakens and sentiment softens, fewer projects are becoming financially viable.
The result is a self-reinforcing cycle.
The RBA raises rates to fight inflation. Higher rates reduce development feasibility. Fewer projects start. Housing supply tightens further. Rents rise. Inflation persists. The RBA raises rates again.
The only long-term solution is supply, yet Australia remains nowhere near the National Housing Accord target of 240,000 new dwellings a year.
Completion continues to lag approvals, meaning many projects approved on paper are simply never making it out of the ground.
That gap matters enormously because housing is not just another sector of the economy.
Around two-thirds of Australian household wealth is tied to property, while the sector underpins millions of jobs and related industries. Weakness here quickly spreads beyond real estate.
We are already seeing signs of stress. Auction clearance rates in Sydney and Melbourne have softened, borrowing capacity has declined, and parts of the market are experiencing price corrections as confidence weakens.
At the same time, policymakers continue to debate tax measures such as changes to negative gearing and capital gains tax discounts, despite fears that such reforms could drive private capital out of the rental market at precisely the moment when supply is most constrained.
This is the paradox at the centre of Australia’s housing crisis.
Demand for property remains extraordinarily high, yet the economic conditions required to actually build new housing are worsening.
The Reserve Bank cannot solve that problem alone.
Monetary policy cannot accelerate planning approvals, reduce construction costs or create more tradies. It can only raise the cost of money until something eventually breaks.
And increasingly, that “something” looks like the development pipeline itself.