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

TRD 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]

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