Brooklyn woman to make 11,744 percent profit from sale of Boerum Hill brownstone

New York /
Jun.June 14, 2011 12:02 AM

Eighty-nine-year-old Brooklynite Mildred Fuyira stands to make a 11,744 percent profit from the sale of her currently listed Boerum Hill brownstone, the Post reported. She and her family paid $16,000 for the 19th century townhouse at 299 State Street, between Smith and Hoyt streets, in 1967. That same property is now asking $1.895 million.

The neighborhood has changed a lot in the 44 years Fuyira has lived there, she said. When she and her husband first moved in, the block was home to drifters and prostitutes. Now it’s full of upscale families and young professionals with children.

“We came because this is where we wanted to be, and we knew it would some day be a fantastic location,” Furiya said. “We were the first generation to come in and buy. I guess it took people who didn’t grow up in Brooklyn to see its true value and potential. We knew it would evolve.”

Ross Brown of Citi Habitats, the broker handling the sale, said this margin of profit is extremely rare.

“It’s not everyone who buys at the right time in the 1960s and sells nearly 45 years later,” he said. [Post]


Related Articles

arrow_forward_ios
The Wonder Wheel in Coney Island (Getty)
Coney Island Wonder Wheel reopens
Coney Island Wonder Wheel reopens
Brooklyn saw increases in prices, sales and inventory. (Getty, Two Trees)
Brooklyn’s median sales price hit record high in Q1
Brooklyn’s median sales price hit record high in Q1
1209 Dekalb Avenue in Brooklyn. (iStock, Kutnicki Bernstein Architects)
Industry suffers setback in 421a class action suit
Industry suffers setback in 421a class action suit
1 Grand Army Plz #12C (Compass, Google Maps)
Brooklyn’s luxury market cooled last week
Brooklyn’s luxury market cooled last week
The price gap between median rent in Manhattan and Brooklyn shrank to $171 in November 2020. (iStock)
Brooklyn rents have nearly caught up with Manhattan’s
Brooklyn rents have nearly caught up with Manhattan’s
489 Henry Street tops the list of last week's priciest Brookyln contracts. (Compass)
Brooklyn sees huge boom in luxury contracts signed
Brooklyn sees huge boom in luxury contracts signed
City Councilmember Carlos Menchaca and Red Hook (iStock, Getty)
Red Hook residents sound alarm over influx of last-mile facilities
Red Hook residents sound alarm over influx of last-mile facilities
Lightstone Group CEO Mitchell Hochberg and Marriott International CEO Anthony Capuano with a rendering of The Moxy Williamsburg (Getty, Lightstone, iStock)
Marriott, Lightstone Group bet on hotel recovery
Marriott, Lightstone Group bet on hotel recovery
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...