Luxury Condo Tower in Downtown Brooklyn Skip to Rentals
Avery Hall Investments had hoped to kick off sales months ago at its downtown Brooklyn condominium project.
But the developer, citing the sluggishness of the luxury condominium market, is transforming the 122-unit, $250 million development into a luxury rental complex. Its lenders and partners agree with the change.
“We felt that the right decision for us and our investors and partners was to [create] a rental portfolio,” Avi Fisher, the company’s founding partner, told Bloomberg News, “because we believe it will stand the test of time.”
The 22-story One Boerum Place will hit the market later this year. The handful of one-bedroom units will start at $4,000 per month and two-bedroom units will be offered for just under $6,000. Monthly rents for a 1,200-square-foot three-bedroom will be $8,500 and a 3,120-square-foot four-bedroom will charge $12,000 per month, according to the developer.
Tenants will enjoy luxury amenities such as a lap pool, two-story gym, yoga room, children’s playroom, communal rooftop with outdoor kitchen, and on-site automated parking. square.
One Boerum Place could face fierce competition in the luxury rental market if other developers make the same move. Others can wait to see if One Boerum Place succeeds.
Meanwhile, Brooklyn’s luxury condo market – defined as the top 10% in the market – recovered from a low point in the second and third quarters of 2020. Douglas Elliman reported that 343 sales were completed in the first quarter of 2021, up 25% compared to the same period last year.
[Bloomberg News] —Akiko Matsuda