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Avery Hall JV recaps One Boerum Place with $176M loan
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Brooklyn Project One Boerum Place Lands $177M Recapitalization
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One Boerum Place gamble pays off with $27K-per-month lease deal
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Ryan Serhant was fired from a lucrative listing and lost out on a potential commission of $8 million on Thursday s episode of Million Dollar Listing New York.
The 37-year-old real estate broker met with developer Avi Fisher at the One Boerum Place property in Brooklyn and was disappointed to learn that the developers had decided to make it a rental property instead of condominiums.
Tough market conditions in New York City prompted the decision to make the 138 units rentals and Ryan admitted to Avi that he probably would have done the same thing.
Got fired: Ryan Serhant was fired from a lucrative listing and lost out on a potential commission of $8 million on Thursday s episode of Million Dollar Listing New York
by Tyler Durden
Friday, May 07, 2021 - 06:00 PM
A high-end condominium glut in Brooklyn forced one developer to reconstruct its entire business model from condos to rentals for one of its new luxury highrises.
Avery Hall Investments announced Monday the commencement of leasing at One Boerum Place located at Brooklyn Heights and Boerum Hill. Bloomberg notes the building was never intended for rentals, but a glut of condos in the borough and citywide forced the developer to change paths.
Avi Fisher, a founding partner of Avery Hall, told Bloomberg that One Boerum Place was very much envisioned as a condo. At the time of construction, which began around 2016, the condo market in the borough was roaring, and all signs were pointing to continued growth, and in our company s history, this was the culmination of the condo pipeline we d amassed, he said.