285 Smith Street Sold in February for $2,000,000 The Miles Did Move To Carroll Gardens, Just Not To Smith Street.
And They Love Their New Neighborhood!
In the spring of 2007, wishing to simplify their lives, Mimi and Jeff Miles sold their house in Croton-on-Hudson and purchased 285 Smith St. on the corner of Sackett Street in Carroll Gardens. It may have seemed like an unconventional move, but Mimi, who was born in Brooklyn, has deep affection for the borough.
Intending to remodel the Smith Street house before moving in, the Miles rented an apartment in the neighborhood. However, there were several design issues which needed to be addressed to make 285 Smith workable for the couple. When those could not be achieved, they decided to put the house back on the market. But they were determined to stay in Carroll Gardens.
Last fall, the Miles closed on a beautiful brownstone on one of the neighborhood's nicest blocks. I have had the great pleasure of meeting Jeff and Mimi. They are a lovely couple and a great addition to the neighborhood. It is evident that they have fallen in love with Carroll Gardens. In a short time, they have met many people, learned much about the neighborhood's history and have gotten involved in local issues.
And what of Number 285 Smith Street? The Miles sold the building just this month for a modest profit. Originally purchased for $1.65 Million, the sales price was
$2 Million. It has been bought by a young couple who intends to rent out the apartments and the store. In a slow market, it is worth noting that good properties are still selling and that buyers are convinced that houses on Smith Street continue to be worthwhile investments.
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12 comments:
It is such a pleasure to be here, in Carroll Gardens, Brooklyn. When we came here, in 2007, we were atracted by the things you see about this neighborhood: by the light, by the gardens and parks, and by the restaurants and shops. We were so lucky to discover the reasons to stay here, the very thing that all the open spaces in Westchester work against, and that is the neighbors. Many thanks to you all.
What a crock of bullshit! They evicted a dry cleaner who had been serving the neighborhood for 25 years so they could fulfill their lovely lifestyle dreams, and then turned around and resold the building for a profit! I don't know what anybody finds charming about that story. I find it unconscionable.
What, no love for the dry cleaners that was evicted from this property a year ago, now, apparently, for no reason?
That's not like you...
$350k='modest'? really?
These evictions are sadly happening all too often. I don't understand why landlords would evict a good, long-standing tenant by doubling the rent, and then allowing the space to languish empty for a year (or years in some instances). Do landlords prefer not making an income on empty spaces than they do collecting rent from established merchants? This shows a stunning lack of understanding of a neighborhood. It makes no sense to me, and it does a grave disservice to the community by depriving all of us of vital services that neighborhoods need. Carroll Gardens has always had a healthy variety of successful merchants for many decades: greengrocers, butchers, fish markets, small supermarkets, hardware stores, but they are all disappearing in the quest of the almighty rental dollar. I have always loved my neighborhood and I like shopping locally (I've lived here for 50+ years), but heaven knows we don't need any more restaurants or useless boutiques in our neighborhood.
Once again, to set the record straight, the dry cleaner was never "evicted," his lease simply expired. Further, to characterize the profit, without considering the cost (transfer taxes, closing costs, maintenance, insurance etc.)associated with the building, and the costs of selling, seems disingenuous. Though I understand the sentiments, we will continue to live, invest in, and support the community for all the reasons we've previously stated.
first off, the dry cleaner was not there for 25 yrs, 10 at the most, second has anyone forgot we are capitalist country? profit is ALWAYS the motive -first and ALWAYS. dreamy sentiment is lovely but not real. WAKE UP DREAMERS!
Dreamy sentimentality has nothing to do with this issue. The convenience of being able to shop in your own neighborhood for everyday staples is the issue. Who actually goes into half of those boutiques who cater to Gen-Xers and Millennials? Those shops are empty most of the time. I don't see how they even sell enough inventory to pay their rents. As far as the dry cleaner is concerned (regardless of how many years he served the neighborhood), of course his lease expired, but why did he not renew? Because his rent skyrocketed, and for a small business owner, that's just as effective as an actual eviction notice.
I say stop being so hard on them.
Instead let's give them a nice welcome to Carroll Gardens... after all, they already appreciate all the great things about it and seem to really like it here.
Welcome to the Neighborhood Miles Family!
Yay for rich people!
How can a "young couple" afford a $2 million building?
From what I was told, the rent for the cleaners was 4,000/mo. With Miles coming in, the rent , I was informed, was double the amount which forced the poor tenant (the cleaners)to look around for a new location. Simply expired lease but double the rent so you can pay for your purchased precious building.
So much for the wealthy coming in.
Mr. Miles is too clever by half. As the owner, it is his right to do with the property as he sees fit and raise the rent to an unconscionable level so that the long term tenant cant afford to stay. But the lease did not simply "expire." I hope the new owner can find a tenant to fill the space.
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