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One Boerum Place s Exterior Wrapping Up in Downtown Brooklyn
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Avery Hall JV recaps One Boerum Place with $176M loan
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One Boerum Place gamble pays off with $27K-per-month lease deal
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Facing a Daunting Market, a Luxury Brooklyn Condo Pivots to Rentals
May 03 2021, 10:48 PM
May 03 2021, 2:12 PM
May 03 2021, 10:48 PM
(Bloomberg) In 2016, just before New Yorkâs high-end condominium market began to buckle under the weight of its unsold inventory, a developer and design architect named Avery Hall Investments purchased a plot of land a stoneâs throw from Borough Hall in the heart of downtown Brooklyn, N.Y.
(Bloomberg) In 2016, just before New Yorkâs high-end condominium market began to buckle under the weight of its unsold inventory, a developer and design architect named Avery Hall Investments purchased a plot of land a stoneâs throw from Borough Hall in the heart of downtown Brooklyn, N.Y.
Originally, One Boerum Place “was very much envisioned as a condo,” says Fisher. “At that time, the condo market 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.”
By 2019, New York’s luxury condo market was no longer roaring, though it was certainly chugging along compared to a year later, when the city’s housing market cratered during the pandemic. “We really started bottoming out in 2019, or it seemed like the bottom,” says John Walkup, the co-founder of UrbanDigs. “Then Covid hit and shook everything up again.”