157 Smith St, Brooklyn, NY

Case Studies

March 22, 2018

Selling a Tear-Down in Cobble Hill Brooklyn and swapping into a Crown Heights Portfolio Smith Street is one of Downtown Brooklyn’s premier retail corridors. Serving the affluent neighborhoods of Cobble Hill, Boerum Hill and Carroll Gardens, Smith Street’s retailers and condo converters profit from the area’s significant and growing affluence. 157 Smith Street is at the epicenter of it all. 157 Smith Street is surrounded by national tenants, a cultivated street vibe and bustling foot-traffic. It is located just off the corner of Bergen St., the entrance to a major subway station. While the neighboring blocks are uniformly hip and new, 157 Smith is itself old and tired. At over 140-years old, it is perhaps the corridor’s oldest building. As a result, the owner found that its management had become exceptionally draining. The owner urgently wanted to exchange tax-free into a portfolio that involved fewer headaches and was located in in a less mature area of Brooklyn, where growth was just taking off.