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.
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