Is developer Avery Hall Investments planning a nearly 300-foot residential tower near the Borough Hall subway station in Downtown Brooklyn? With its recent purchase of air rights, the developer could build a project larger than 200,000 square feet at 1 Boerum Place, Crain’s reports.
Avery Hall picked up the site from the Brooklyn Law School for $76.5 million in 2016, and is currently in the midst of demolishing the existing building at the site. Initially, Avery Hall planned a 160,000-square-foot development, but with this recent acquisition of nearly 50,000 square feet of air rights from two neighboring properties, Avery Hall can now go much bigger. The developer spent $16 million to acquire these air rights.
Though Avery Hall hasn’t yet elaborated on specifics, the condo building will have just over 100 apartments and retail at the base. The developers are hoping to break ground on the condo by the end of the year.
This new building will be the firm’s latest in Brooklyn—they are also behind Park Slope’s Key Food-replacing rental, the Columbia Waterfront District condos, and the Scandinavian modernism-inspired condo in Carroll Gardens, among others.
- Developer buys air rights to boost Downtown Brooklyn residential project [Crain’s]
- Brooklyn Law School sells DoBro site to developers for $76.5M [Curbed]