24 Units at 103-111 Smith Street
103 Smith Street
Closed 03/28/2018 at
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- 24 units and 4 retail spaces on the corner of Smith Street and Pacific Street in prime Boerum Hill
- The offering also includes 111 Smith Street, a ~5,000SF development site at the corner of Smith Street and Pacific Street, that can be developed as mixed-use or multi-story commercial
- The property has significant upside in the rental income as just two of the twenty four units are Free Market, with the remaining twenty two units having well below market rents
- There are very few Institutional grade assets with bulk residential and commercial, as well as opportunity for as-of-right development, on Smith Street and it is extremely rare for these properties to come to market for sale.
- Opportunity to acquire assets from long-term ownership group
Boerum Hill, known for its quiet, tree-lined streets and large historic district has experienced extensive growth over the past decade as new residential developments have quickly leased or sold out in record time. The strength and depth of the residential market has revitalized and re-energized the burgeoning commercial strips along Atlantic Avenue and Smith Street which now feature fine Zagar rated dining, bistros, Within a short walk to Brooklyn’s most notable cultural destination and Downtown Brooklyn, many young families have been drawn to the Boerum Hill and close subway proximity offers quick and convenient access to all parts of New York.
While Boerum Hill is already established as a mature and seemingly complete neighborhood, its physique continues to change. A re-zoning of Atlantic Avenue in the 2000’s precipitated a new stream of residential and mixed-use rental and condominium mid-rise buildings.