Excavation has begun for One Boerum Place in Downtown Brooklyn. The upcoming ground-up, mixed-use condominium tower will rise 21 stories on a narrow, triangular-shaped plot of land. The site is bound by Boerum Place, Red Hook Lane, and Fulton Street. SLCE Architects is the designer while Avery Hall Investments, Allegra Holdings, and Aria Development Group are the developers. The joint venture team was recently able to acquire a $165 million construction loan from Jutland Finance. The total cost of One Boerum Place is expected to be around $250 million.
1 Boerum Place
Permits have been filed for a six-story residential building at 1565 New York Avenue in East Flatbush, Brooklyn. The site is five blocks away from the Flatbush avenue subway station, end of the line for 2 and 5 trains and commercial epicenter for the area. Ascher Berkowitz of Big Dream Developers will be responsible for the development.
Speculation has been raised around what Avery Hall Investments would do after purchasing a site from Brooklyn Law School for $76.5 million back in 2016, and acquiring 50,000 square feet of air rights from two nearby properties for another $16 million. Now, permits have been filed for a 21-story mixed use building at 7 Boerum Place, in Downtown Brooklyn. The high-rise will rise on the corner of Fulton Mall, a pedestrian area between Flatbush Avenue and Adams Street that houses over 200 stores. Avery Hall is partnering with Allegra Holding and Aria Development Group.