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