71 Smith Street (The Boerum)

Nineteen construction floors, marketed as twenty with no thirteenth. Hotel common areas at the cellar and first floor, guest rooms on floors 3 through 6, commercial units on portions of the first floor, the parking deck on the second, and residences from the seventh floor up. The stepping massing produces unit terraces on the setback levels, held as residential limited common elements appurtenant to specific units.

Two physical conditions in the plan deserve attention. First, unit terraces and the 15th-floor Amenity Terrace sit near building mechanical equipment, and the plan discloses an emergency diesel generator on the main roof that must be tested monthly, with audible results in some residences. Second, certain windows carry lot-line classification under the Building Code — the 01 line on floors 7 through 15 and the 02 line on floors 16 through 20. The sponsor's architect advised that these windows would not need replacement or sealing regardless of construction on the adjacent State Street lot, because the setback distance exceeds the Code minimum, and that every affected unit has enough additional glazing to satisfy light-and-air requirements in any event. That is a comparatively strong disclosure, but the obligation to modify a lot-line window if law or conditions change sits with the unit owner. Check the floor plan for the specific unit.

Flooring throughout the residences is wood, with the customary plan disclaimers about seasonal movement. Schedule A square footages were measured from the exterior face of exterior walls to the midpoint of demising partitions — the standard New York City convention — and therefore exceed usable floor area, a point to keep in mind when running per-square-foot comparisons.

The Boerum runs as a full-service condominium with a concierge and a resident manager engaged from the first closing, an amenity floor at the fifteenth level, a cellar gym, bicycle storage and an attended parking deck. The plan contemplated the board operating the parking area directly through a condominium employee, with discretion to hire an outside garage operator later; confirm the current arrangement, because it determines whether parking is an operating line or a contracted service.

The sponsor's transition is well documented. By the twenty-third amendment, filed in 2017, every residential unit except one was sold or under contract, the parking and storage areas were complete and in use, the units had been separately assessed for the 2017/2018 tax year, the working capital account held roughly $348,937, the construction loan had been satisfied, and the sponsor reported no financial obligations to the condominium beyond common charges on the units it still held. The first meeting of unit owners was anticipated for September 2017. That is a clean handover record by the standards of 2010s Brooklyn new development, and it is worth asking the board how the intervening years have gone — particularly the reserve position, the façade cycle on a masonry envelope now approaching its first Local Law 11 milestones, and the elevator modernization schedule.

The shared-building question runs through operations as well. The hotel and commercial units pay common charges under a separate adequacy certification in the plan; the allocation, and any cost-sharing or easement agreements covering structure, mechanical systems and access, are set in the declaration and by-laws. Management history and current agent details are maintained in The Roebling Research Library and confirmed with clients during diligence.

Purchaser review: No board approval. The condominium board holds a right of first refusal on sales and on leases.

Subletting: Permitted with a 12-month minimum and a 2-year maximum term, subject to the right of first refusal. No owner may operate a rental business out of a unit. Transient and short-term occupancy — anything under twelve consecutive months, expressly including online booking and hotel-affiliated reservation systems — is prohibited. In a building with a hotel in the base, this is a distinction the by-laws take seriously.

Working capital: Two months' common charges at closing, per the plan.

Parking and storage: Licensed, not deeded, and offered to residential unit owners. Forty attended spaces on the second floor with a Schermerhorn Street ramp; fifty-one cellar storage bins. Confirm availability, charge and waitlist before valuing either.

Flip tax: None disclosed in the offering plan.

Property taxes: Full assessment on the residential units. ICAP applies to the hotel and commercial units only and does not reach the residences.

Pets and other house rules: Not documented in the plan's Part I — confirm against the current rules and regulations at offer stage.

Recent sales

Recent closings at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. Most recent trades (2026 to date) cleared a median $1,554/sf (recorded) across 6 sales. Median listing discount -1.8% over ask.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-00170-7501; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.

Read the hotel into the deal. A 196-room Hilton occupies the base, and it changes hands independently of the condominium. Read the declaration's common-charge allocation among residential, commercial and hotel units, and the easements covering shared structure and systems, before you form a view.

Taxes are full freight. ICAP was sought for the hotel and commercial units, not the residences, and DOF's record shows no exemption on the residential lots. Model the actual bill.

Check the line for lot-line windows. The 01 line on floors 7–15 and the 02 line on floors 16–20 carry lot-line classification. The sponsor's architect advised they will not need sealing, but the obligation to modify sits with the owner if law or conditions change.

The address has three faces. Marketing says 265 State Street, the Department of Finance says 71 Smith Street, the hotel says 140 Schermerhorn Street. Make sure the title report, the tax bill and the contract all describe the same unit on the same lot.

Parking is attended and licensed. Forty spaces, board-operated at plan stage, entered from Schermerhorn Street, closed to hotel guests. Confirm the current operator, availability and charge.

You are just north of the district line. No Landmarks review on windows or façade work here — a cost and schedule advantage — and no district protection over what gets built nearby either.

Lead with the masonry. Red brick, cast stone, corner windows and an interwoven blockwork envelope is the reason this building reads as Boerum Hill rather than as generic 2010s infill. It photographs well and it distinguishes the address.

Sell the seventh-floor floor. Residences starting above a six-story hotel base means light and outlook from the lowest residential level. That is a genuine differentiator against towers where the first residential floors face the street wall.

Present the amenity floor properly. A 15th-floor lounge, library, media room, playroom and a planted outdoor terrace with a grill station is a full package, and it belongs in the photography rather than in a bullet list.

Be straightforward about the hotel and the taxes. Both are discoverable in an afternoon. Framing them alongside the parking deck, the amenity floor and the transit position produces a better outcome than letting a buyer's attorney raise them first.

Anchor to same-tier comparables. Setback units with terraces, mid-floor interiors and the top tier are three different products in a 128-unit building. Price to the tier.

If you're considering 71 Smith Street, also evaluate:

• 10 Nevins Street (The Brooklyn Grove) — 184-unit ODA-designed condominium a few blocks east on the same seam; a close vintage and service comparison
• 11 Hoyt Street — Studio Gang's 480-unit Tishman Speyer tower to the north; far deeper amenity program, far less contextual architecture
• 509 Pacific Street (The Hendrik) — 38-unit Boerum Hill boutique condominium south of Atlantic Avenue, inside the neighborhood proper
• 556 State Street (Boerum Heights) — 71-unit Boerum Hill condominium on the same State Street corridor
• 323 Bergen Street — Boerum Hill condominium on the row-house side of the historic district line
• 423 Atlantic Avenue — 59-unit co-op on the Atlantic Avenue commercial edge; the cooperative alternative in the same neighborhood
• 96 Schermerhorn Street (Boerum Court) — elevator building two blocks west on the same street
• 199 State Street (The Lookout Hill Condominium) — boutique condominium further west on State Street
• 200 Congress Street — the largest co-op in Cobble Hill; the scale-and-parking comparison at the accessible end of the market