Boerum Hill Real Estate Resurgence

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.

 

Source:

 

Linda Collins, “Buildings in Boerum Hill, Bed-Stuy Change Hands,” The Brooklyn Eagle