Changing from condo to rentals, luxury development still attracts attention in Downtown Brooklyn
A recent development in Downtown Brooklyn shows both the continuing attraction of the area as a place to live and the flexibility of the borough’s real estate market in responding to market conditions, especially in the wake of the COVID-19 pandemic.
Faced with the slowdown of the luxury condo market, Avery Hall Investments, a development and architecture firm, has changed its new development, One Boerum Place, to luxury rentals. And people are still very much interested.
Bloomberg News reported that the company, back in 2016, spent $76.5 million for the main plot and $15 million for the air rights. At the time, the condo market was booming, and one Boerum Place “was very much envisioned as a condo,” founding partner Avi Fisher told Bloomberg News.
Brooklyn Boro
View MoreNew York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.