The Big 10 Developments to watch in Northern Boerum Hill 2014

Foley_Newman

After walking around yesterday with my notebook and doing my research/ digging this morning here are the developments to watch in Northern Boerum Hill/ Downtown Brooklyn area.  Only 2 of these are on the southside of Atlantic Ave. I haven't even crossed Atlantic Ave yet...

Big Developments:

1) Bond/ Livingston- 25 floors with 714 apartments and 20% are slated to be affordable housing.

http://ny.curbed.com/archives/2014/06/25/downtown_brooklyn_brace_for_714_apartments_on_bond_street.php

2) Nevins and Schermerhorn- 18 floors with 61 apartments

http://www.brownstoner.com/blog/2013/12/rendering-for-building-at-nevins-street-and-schermerhorn/

3) Also on Schermerhorn at Flatbush there is a empty lot with some work going on, will get a pic soon.

4) 8-16 Nevins/ Livingston- 28 floors with 149 apartments and ground floor retail

 From this:

http://www.brownstoner.com/blog/2014/07/demolition-planned-for-three-downtown-brooklyn-storefronts/

To this:

http://www.brownstoner.com/blog/2014/04/permits-filed-for-28-story-tower-with-cutout-leds-in-downtown/

5) A laundromat at the corner on Nevins/ Atlantic just recently sold with tons of frontage on Atlantic and backs up to Pacific St. There is rumors that the developer is trying to buy out the people in the brownstones on Nevins to take up the whole block. Already they have ~48,000 buildable sqft but they want MORE!

http://commercialobserver.com/2014/07/boerum-hill-atlantic-avenue-site-sells-for-record-price/

6) An old neighborhood parking lot on State St./ Bond was just recently sold and will be developed most likely into townhouses.

http://commercialobserver.com/2014/07/adam-america-buys-boerum-hill-lot-for-6m/

Hotels:

7) An Ace Hotel at the corner of Bond/ Schermerhorn 

http://www.brownstoner.com/blog/2014/05/downtown-brooklyn-is-getting-an-ace-hotel/

8) A Holiday Inn at 300 Schermerhorn 12-14 floors with 247 rooms. The structure is up on this one they are framing out the floors. 

http://www.brownstoner.com/blog/2014/03/after-years-of-delays-holiday-inn-on-schermerhorn-street-now-rising/

Smaller condo/ townhouse developments:

9) 440 Atlantic Ave b/ween Nevins and Bond; a 7 unit condo development that is ~50% completed and looks like all the units are already in contract ranging from $875K to $2.2M.  This probably will be completed in the Fall and then the wait for all the paperwork to clear. 

http://fourfortyatlantic.com/

10) 340-355 State St. and Bond is becoming 7 townhouses, similar to the 9 townhouses that sold out a couple years ago on State St. a little further down b/ween Smith and Hoyt st. 

http://sevenatboerum.com/

whynot_31

It was not long ago that I thought of Metrotech as one of the few "Class A, modern" developments in downtown Brooklyn.

I no longer do.

...when all of these new developments come to fruitition, I may regard it as dated.

whynot_31

The Daily News is stating that all of the new apartments coming online in downtown Brooklyn should place a damper on rents:

http://www.nydailynews.com/life-style/rise-residential-towers-downtown-brooklyn-dent-rents-article-1.1879294

For the segment of the market that they are serving, yes....

However, I have a hard time imagining that they will affect the other segments, because I have a hard time thinking of NYC's housing market as being "one market".

Foley_Newman

I agree with the supply and demand comments from the article but I also believe that they will have no problem filling ALL of these new apartments in a short amount of time when they hit the market individually and spread out over a couple years.  Here's to ~20,000 new neighbors in the next 7+ years! 

Up next in the residential tower game is the Burj Khalifa Brooklyn Tower... 

whynot_31

Here's a map of the over 4000 units planned for downtown Brooklyn:

http://www.dnainfo.com/new-york/20140806/downtown-brooklyn/map-1100-affordable-housing-units-coming-downtown-brooklyn

Most of the buildings will contain some "affordable units", but those folks don't meet my defintion of poor.

As a result, expect the occupants of all 4000 units to drive a lot commercial development in the area.

....expect to see cranes on the skyline for the next several years. Here's a sample pitch from a real estate firm:



TerraCRG has been retained to exclusively represent ownership in the sale of the development site at 570 Fulton Street on the border of Fort Greene and Downtown Brooklyn in the BAM Cultural District.

The property is located between Flatbush Avenue and Rockwell Place with 100 ft of frontage on Fulton Street, with zoning that allows for either ~71,920 buildable SF as of right for a residential, retail, hotel, office or mixed use, or up to ~86,300 buildable SF for an inclusionary multifamily development.

As you may already know, since the 2005 rezoning, Downtown Brooklyn has been undergoing a complete revitalization with several large scale commercial and residential development projects including Barclays Center, Atlantic Yards (now renamed Pacific Park), City Point and the quickly expanding BAM Cultural district.

The area attracted over $4 billion dollars of private investment over the last decade, leading to the creation of 8 million square feet of new space including 5,000 new apartments, over 1,000 hotel rooms, and nearly 900,000 square feet of commercial space. The critical mass of new residents coupled by $400M in infrastructure upgrades and the creation of 10,000 new tech jobs, make Downtown Brooklyn a true destination, and the Fulton Mall continues to set retail sales records on sales per square foot.

Setup: http://www.terracrg.com/setups/570_Fulton_Street.pdf

For the complete offering memorandum or to further discuss, please email me or call the office at 718-768-6888.

Ofer

Ofer Cohen | Founder & President | TerraCRG | 592 Pacific Street, Suite B | Brooklyn, NY 11217 |
T: 718-768-6888 | F: 917-591-8206 | [email protected] | www.terracrg.com | @ofercohen