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.
Aria Development Group
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.
An investment group has acquired, for $76.5 million, Brooklyn Law School’s four-story, 40,000-square-foot office building at One Boerum Place, located on the corner of Fulton Street in Downtown Brooklyn. The group includes Avery Hall Investments, Allegra Holdings, and Aria Development Group, the Wall Street Journal reported. Although plans are not final, the development team expects to build a 160,000-square-foot mixed-use tower at the site. The project would include residential units and commercial space, possibly in the form of retail and/or offices. Demolition permits have not been filed for the 13,290-square-foot site’s current building, although groundbreaking is expected sometime next year.
Back in August of 2015, developers broke ground on the two-building, 30-unit condominium development planned at 465 Pacific Street (a.k.a. 472 Atlantic Avenue), in Boerum Hill. Brownstoner now reports the southern seven-story portion, located on Pacific Street, has topped out, and the six-story portion, being built on Atlantic Avenue, is three stories above street level. The entire project will encompass 84,767 square feet, and the northern building will include 6,982 square feet of ground-floor retail space. The condos will come in one- to five-bedroom configurations and 14 of them will feature private outdoor space. Amenities include a lounge, a children’s playroom, a gym, a 1,300-square-foot rooftop terrace, and storage space. Aria Development Group and Avery Hall Investments are developing, and Morris Adjmi Architects is designing. Completion is expected in late 2017.
After revealing the first rendering for the building, YIMBY reported on the summer ground-breaking of 472 Atlantic Avenue/465 Pacific Street, in Boerum Hill, and now The New York Times has a day-time image of the project, along with new details. Condominiums will come in one- to five-bedroom configurations, though the majority will be family-sized with three bedrooms, measuring roughly 1,400 square feet apiece. Stribling Marketing Associates is the broker, Avery Hall Investments and ARIA Development Group are developing, and Morris Adjmi Architects is designing, with completion currently anticipated for the winter of 2017.