Buildings are always being bought and sold in a place like New York. Boerum Hill just had a piece of real estate sell to a private investor for a pretty penny. The sale of 179 Smith Street in Boerum Hill not only represents a good opportunity for the new owner, but a positive upswing for the real estate markets in New York which have been depressed since 2006/2007.
According to Brooklyn Eagle (1) “The Boerum Hill building at 179 Smith Street, between Warren and Wyckoff streets, sold to an investor for 1.425 million, according to Stephen Palmese…who handled the transaction.”
179 Smith Street is a “three-story brick structure (which) contains one retail/commercial space at street level with two apartments above in a total of 2,700 square feet.”
The apartments are empty, the retail space is a bar, and the news 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,” said Palmese.
Surge on Boerum Hill, surge on.