NEW YORK--(BUSINESS WIRE)--Avery Hall, a real estate investment firm specializing in the development and design of unique residential and mixed-use buildings, announced today that the completed and fully-leased new development, One Boerum Place in Downtown Brooklyn was selected as a finalist for the prestigious Urban Land Institute (ULI)’s Award for Excellence in Market-Rate Housing Development. The winners will be announced at the annual gala on October 18, 2023 at Cipriani South Street.
Located at the intersection of Brooklyn Heights and Boerum Hill, the 23-story brick tower’s success in the market is a result of a corporate pivot in early 2021. While under construction, Avery Hall shifted all 245,000 gross square feet of its 138 condos into mixed-income rentals with 70% at market rate and 30% at middle-income. The firm together, with Aria Development Group and Allegra Holdings, anticipated strong demand for the flexibility of a high-caliber luxury rental with ample outdoor space, not just on the heels of the COVID-19 pandemic but for decades to come. One Boerum Place now commands record high rents from $5,000 to $30,000 per month. With stunning finishes by Gachot Studios, robust amenities including robotic parking and private and shared outdoor space, One Boerum Place was fully leased within nine-months of completion in the midst of New York’s post-pandemic comeback.
One Boerum Place is also noteworthy for its design and the extraordinary challenges of assembling and building on a central geometrically-shaped lot with tight dimensions. Avery Hall purchased air and cantilever rights to overcome legal, light and air condition challenges. The firm added light and air easements, conducted a deep excavation, and included outdoor spaces, balconies, soft facades and curved lines in the design spearheaded by Jesse Wark, Partner at Avery Hall. The building’s distinct facade is composed of carefully-selected custom handmade bricks. Texture in the tambour detail of the custom millwork within the residences is a nod to the textured concrete developed for the ribbed details on the exterior of the building.
Encompassing an entire tree-lined flatiron-shaped block framed by Fulton Street, Boerum Place and Red Hook Lane, One Boerum appears as three distinct volumes formed each as setback cuts. Other aesthetic aspects include windows gradually growing larger from bottom to top, and laterally, North to South.
“We are humbled to be recognized by the prestigious Urban Land Institute for this unique project,” said Jesse Wark, Partner, Avery Hall. “One Boerum Place was a labor of love during a time of great upheaval, an unprecedented pandemic and unforeseen obstacles that reinforced our belief in creating long-term value through quality design and construction. It would have been easy to pare down our ambition but we chose to move forward with the conviction that this product would resonate now more than ever given the desire for spacious interiors and private outdoor terraces.”
The Awards for Excellence recognize the full development process of a project, including its architecture and design. The Urban Land Institute is a global, member-driven organization comprising more than 45,000 real estate and urban development professionals dedicated to advancing the Institute’s mission of shaping the future of the built environment for transformative impact in communities worldwide.
Avery Hall continues to expand its portfolio in Brooklyn with three Gowanus properties underway at 544 Carroll Street, 655 Union Street and 499 President Street. Avery Hall is also active in Richmond, Virginia, NoDa and the South End District of Charlotte, North Carolina where a mixed-use development is currently under construction.
For more information, please visit www.averyhallinvestments.com.
About Avery Hall
Avery Hall is a real estate investment firm specializing in the acquisition, design and development of unique real estate assets that are primed for growth and value creation. The firm is currently developing, owns and is operating over 1,000 residential units in Brooklyn, where it is based corporately. Avery Hall is actively developing and planning an additional 1,500 apartment homes in Charlotte, NC, and Richmond, VA, with a total portfolio development cost in excess of two billion dollars across 2,500 units. Avery Hall is committed to creating projects that enhance the quality of life in the communities in which we invest, with a focus on long-term value growth.