The Brooklyn Eagle reported on the recent sale of The Boerum Hill building (179 Smith St.) which went for a reported $1.425 million dollars.
The property includes street level retail space that is currently occupied by a bar, in addition to two “extensively renovated,” unoccupied apartments on the second and third floors.
The transaction, the Eagle reports, was handled by Stephen Palmese of Massey Knakal Realty, who is quoted as saying that while the sale price actually represents a 5% drop in prices since the 2006-07 peek, it is significant because it represents only a 5% drop, and in actuality “symbolizes the resurgence of real estate in Downtown Brooklyn.”
No plans are reported for the building beyond continuing with the current retailer.
Click here for the complete story from the Eagle.
The sale of the building at 179 Smith St., between Warren and Wyckoff streets, represents resurgence in Brooklyn real estate, claims a Brooklyn Eagle report.
This statement may be hiking the house a little bit.
Granted the building sold for $530 per square foot for a total price of $1.4 million. “This sale is significant, not only for Boerum Hill property owners, but for the real estate market in general because it reflects only a 5 percent reduction from peek-pricing in 2006/2007,” reports the Eagle.
The over-a-mill price for a building with only one storefront, downstairs, and two apartments, upstairs, isn’t bad.
However, it may not represent resurgence just yet.
There will, inevitably, be real estate resurgence in Boerum Hill if downtown’s revitalization is successful. Much money is being spent on the adage, “If you build it, they will come.” Let’s hope it’s true and they do.
Till next time, Boerum Hill.
Linda Collins, “Buildings in Boerum Hill, Bed-Stuy Change Hands,” The Brooklyn Eagle