A group of investors are in contract to buy the property at 205 Smith Street in Boerum Hill. They plan to demolish the Met Foods supermarket currently on the site and build a two-story retail building there, reported The Real Deal.
The deal will close sometime in the third or fourth quarter. The property measures 10,000 square feet, which means there is plenty of room to build a big building that will attract a national retailer, said an exec at the Jackson Group, one of the buyers. The others were Aurora Capital Associates and ACHS Management. They are paying $18,500,000 for the property.
A real estate exec speculated the owners could charge $125 to $160 a square foot in the area, which is “relatively underserved” by retail, according to the Jackson Group.
Will you miss this grocery store?
Jackson Group, Aurora Capital Snag $18.5 Million Boerum Hill Retail [TRD]
Photo by Nicholas Strini for PropertyShark