Having quickly amassed a portfolio of successful Brooklyn condo-builds since their founding in 2013, Avery Hall Investments' latest and loftiest endeavor yet is named One Boerum Place, a 240,000-square-foot mixed-use project sailing onto one of Brooklyn's most visible gateways. Working in a joint partnership with Allegra Holding and Aria Development Group, Avery acquired the site from Brooklyn Law School in late 2016 ($76.5M) and then purchased an additional 50,000 square feet of air rights to grow the project in size.
The project's angular footprint overlooks the busy and prime intersection of Fulton Street and Boerum Place, overlooking the classically-styled Brooklyn Borough Hall and its namesake park. Demolition of the site's preceding Fulton Savings Bank (1955) began in 2018. Most recently, just over a year after digging commenced, the concrete superstructure has topped out construction at 21 floors and 285 feet tall. The project's angular footprint, svelte form, and smartly placed setbacks are already apparent, and next to go up are the tall picture windows and integrated corner balconies seen in a rendering by SLCE Architects. Upon completion, the project will bring streamlined bravado and distinction to the still-disparate intersection that helps feed the Brooklyn Bridge.
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To take advantage of the site's proximity to the Fulton Street Mall, a myriad of subway lines, and of course the Shake Shack across the street, the first two floors will carry 22,000 square feet of retail. Above will be 138 condominium residences to benefit from "best-in-class views and amenities." High-floor views to the west will include vistas of lower Manhattan, and views to the north will consist of twinkling bridge lights and sections of the Midtown skyline. Not to mention there is plenty to gaze down upon within the surrounding area.
Sales were expected to launch in the second quarter of 2020, and completion was estimated for 2021, but it remains to be seen how the coronavirus and the restrictions to contain it will affect that timeline. What we do know is that residences at One Boerum Place will have the usual assortment of high-end finishes, gourmet kitchens, top-of-the-line appliances, and sumptuous stones. A short list of residential amenities includes 24/7 doorman and concierge service, a swimming pool with sauna, a two-story fitness center, expansive outdoor terraces, a landscaped rooftop and outdoor kitchen, and a fully-automated parking garage.
Median closing prices for condos sold in Downtown Brooklyn over time (CityRealty)
An offering plan for 138 apartments was submitted in September 2019, and has yet to be approved by the New York Attorney General's office. However, it is worth noting that the building is taking shape in an increasingly appealing residential area. A few blocks away at 11 Hoyt, Studio Gang's first New York residential building, availabilities range from a studio for $710K to a high-floor four-bedroom for $4.3 million. Listings down the block at Brooklyn Point, the borough's current tallest building, come in at an average price of $1,853 per square foot. And on the other end of the Borough Hall District, condos at One Clinton start at $2 million for two-beds.
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