1 Boerum Place site via Avery Hall Investments
At the end of 2016, Brooklyn Law School sold a nondescript building in an enviable location at 1 Boerum Place to Avery Hall Investments, Allegra Holdings and Aria Development Group for $76.5 million. Since then, the team bought 50,000 square feet of air rights from neighboring buildings for $16 million and demolition of the four-story building has begun.
Once the site is clear, a new condominium will rise 21 stories high on a triangular lot across the street from Borough Hall. The air rights purchase allows for more floor area and windows; by virtue of its location, future residents will enjoy excellent Brooklyn Bridge and East River views. Plans filed by SLCE Architects at the beginning of the month call for ground-floor retail, 122 apartments, and such residential amenities as fitness center, indoor pool, on-site automated parking, bike room, mail room, package room and roof deck. The site allows for easy access to both the Jay Street and Borough Hall subway stops, not to mention the shops and restaurants that have sprung up around MetroTech Center.
1 Boerum Place mid-May 2018 via CityRealty
Renderings are not yet available, and the condominium is expected to break ground at the end of the year. Nevertheless, The Real Deal notes that the developers have been quite busy in the meantime: Sales at their condominium a few blocks away at 465 Pacific Street average $1,382/square foot with many coming in over ask. Elsewhere in Brooklyn, their Carroll Gardens condominium at 145 President Street recently released new listings starting at $1.65 million.
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Michelle Mazzarella
Michelle is a contributing writer and editor for real estate news in New York City
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