Boerum Hill Parking Lot Sells for Big Bucks

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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

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