Boerum Hill Parking Lot Sells for Big Bucks


The big parking lot at 71 Smith Street between Schermerhorn and State streets in Boerum Hill sold well above ask. It went on the market this summer with a price tag of $30 million and just hit public records for $38,500,000. The seller was the Manhattan-based real estate firm Time Equities. The buyer is behind a mysterious LLC, but it looks like they’re also based in Manhattan. The lot allows for a 300,000-square-foot build, 206,530 of which could be residential and 105,271 commercial. Update: Crain’s reported this news last month, and it turns out the developers will build “nearly 210,000 square feet of residential condos and a 105,000-square-foot hotel.” Big plans! The developers are the Carlyle Group and Flank Development.
Big Downtown Brooklyn Lot up for Sale [Brownstoner]
Photo via Google Maps

5 Comment

  • This property was part of a master plan by Borough President Howard Golden and Empire State Development. I don’t remember what was agreed to for this site, but I assume the terms are binding on the “mysterious LLC.”

  • This property was part of a master plan by Borough President Howard Golden and Empire State Development. I don’t remember what was agreed to for this site, but I assume the terms are binding on the “mysterious LLC.”

  • What about the lot at the corner of Hoyt & State? It must be worth a great deal, but it looks as if someone is using it to hoard old cars.

  • Interesting that Time Equities didn’t decide to develop this themselves. I understand they made a killing on those State St townhouses they built a few years ago. I guess the value of the lot was just so high they chose to take the cash.

  • Given the location of the subway immediately below, this is a complicated (and expensive lot) on which to build. It has been vacant since the construction of the F in the ’30s for that reason. It also may have the G below as it turns from Smith Street towards Hoyt-Schermerhorn. Building on these lots requires coordination and approval from the MTA which will add cost and time to any project.