Avery Hall Investments had hoped to launch sales months ago at its Downtown Brooklyn condominium project.
But the developer, citing the sluggish luxury condo market, is changing the 122-unit, $250-million development to a luxury rental complex. Its lenders and partners are on board with the switch.
“We felt the right move for us and our investors and partners was to [create] a rental portfolio,” Avi Fisher, a founding partner of the company, told Bloomberg News, “because we believe it will stand the test of time.”
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The 22-story One Boerum Place will come on the market later this year. The handful of one-bedroom units will start in the low $4,000s a 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 ask $12,000 a month, according to the developer.
Renters will enjoy luxury amenities such as a lap swimming pool, two-story gym, yoga room, children’s playroom, communal roof with outdoor kitchen and automated on-site parking.
One Boerum Place could face stiff competition in the luxury rental market if other developers make the same switch. Others may wait to see if One Boerum Place succeeds.
Meanwhile, Brooklyn’s luxury condo market — defined as the top 10 percent of the market — has recovered from a low point in the second and third quarters of 2020. Douglas Elliman reported that 343 sales closed in the first quarter of 2021, up 25 percent from the same period last year.
[Bloomberg News] — Akiko Matsuda