Vacant Lot in Boerum Hill Goes Retail

A local real estate development company received financial support to spruce up the neglected corner of Smith and Douglas streets in Brooklyn’s Boerum Hill neighborhood.

A local real estate development company received financial support to spruce up the neglected corner of Smith and Douglas streets in Brooklyn’s Boerum Hill neighborhood.

232 Smith Street - Brooklyn

232 Smith Street – Brooklyn

Madison Realty Capital provided Second Development Services a short-term $9 million loan towards the acquisition and reconversion of the 5,000-square-foot lot at 232 Smith St. into a retail building.

“Boerum Hill is an exciting and attractive Brooklyn neighborhood with tremendous foot traffic.  Those attributes together with affluent demographics have made it a magnet for retailers, and given that context we believe this project should be successful,“ said Josh Zegen, co-founder and managing principal of MRC.

Second Development Services acquired the asset in a joint venture with Son Claire Realty LLC, the land’s existing owner, and now holds a majority interest in the property. According to Curbed, the site was occupied by a group of single-story buildings until 2006, when the structures were demolished.

Commercial Observer reported that the developer plans to transform 232 Smith St. into a 15,000-square-foot, three-story retail building which has been entirely pre-leased by a single tenant. Construction is expected to start this fall and wrap up by summer 2016.

Image via Google Street View