A six-story mixed-use apartment building may replace a single-story Walgreens at 505 Pacific Street in Boerum Hill, according to new building applications filed this morning.
The new development would fill a block-long lot that stretches from Atlantic to Pacific along 3rd Avenue, a property that has alternate addresses at 522-528 Atlantic Avenue and 47-57 3rd Avenue. 505 Pacific would reach 80 feet into the air and hold 29 apartments. They’d be divided across 55,449 square feet of residential space, for an average unit of 1,912 square feet. Between the location and the spacious apartments, condos are clearly in the works.
Residential would begin on the second floor, and six to eight apartments per story would be stacked on top of 16,293 square feet of retail in the cellar and ground floor. Six penthouse duplexes would take up the top two floors.
The cellars would host 12,575 square feet of parking, but the filing doesn’t specify the number of spaces. However, zoning requires 15 spots for 29 apartments.
Beyer Blinder Belle is the architect of record, and Hope Street Capital, headed by Jeffrey Gershon, is developing.
Gershon picked up the 18,000-square-foot lot in December for $13,000,000, or about $180 per buildable square foot. Rabsky Group had already entered contract on the property, but Gershon took over the contract and spent an additional $13 million buying Walgreens out of its lease, which had 39 years left.
Gershon is parterning with AEW Capital Management on the $90 million project, The Real Deal reported in April.
Construction walls went up around the site earlier this summer, and demolition prep began earlier this month, although the DOB hasn’t approved demo permits yet.
505 Pacific Street earlier this month, photo by Christopher Bride for PropetyShark
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