Just one month after kicking off sales, Boerum Hill’s hottest new condominium development, 465 Pacific Street has already signed half of its 30 units into contract. Even more impressive is that the $55 million development is slated for completion some 18-months from now, with foundation pouring just commencing last month.
The project is conceived by a partnership between Avery Hall Investments and ARIA Development Group who paid $18 million ($373 per buildable square foot) for the L-shaped lot in May 2013, a record for a large Brooklyn parcel according to Crain’s New York.
Though boutique in size, especially when compared to the nearby skyscrapers rising in Downtown Brooklyn, 465 Pacific is still among the largest ground up condo developments in Boerum Hill south of Atlantic Avenue. The project bounded by Atlantic, Nevins and Pacific streets will be comprised of two 7-story wings containing 85,000 square-feet of space. Capturing the best of Brooklyn, the building’s primary entrance will be along bucolic, tree-lined Pacific Street while the larger wing will front the mom-and-pop-paradise Atlantic Avenue. The first two floors of the Atlantic side will provide 15,000 square feet of retail space along 150 feet of frontage.
The team commissioned Morris Adjmi Architects who has proven reliable in crafting context-inspired designs that feel both modern and traditional. Though 465 Pacific rises from one of the few non-historic sites in the brownstone-laden ‘hood (it replaces a laundromat and parking lot), Adjmi details a project that is both sensitive to its 19th-century walk-up neighbors and clearly of its time. Exteriors are clad in a flat face of red brick interrupted by a regularized pattern of large, deeply-inset windows. To minimize the scale of the development, and to provide numerous opportunities for terraces, the Atlantic Avenue wing sets back at the third, fourth, and fifth floors; while the the Pacific side, on its fourth and fifth levels.
The building’s ground floor and two upper stories are finished in dark steel referencing the Mohawk ironworkers that populated the neighborhood during the 1940’s and 50’s. According to the New York Times, the north end of nearby Smith Street was once known as “Little Caughnawaga” and the center of New York City’s Mohawk community, who mostly came from Akwesasne and Kahnawake reserves in Quebec.
For 465 Pacific’s residents, the team sought to create a condo extension of classic townhome living. According to a press release from the team celebrating the sales threshold, “Each apartment will feature exquisite details such as, open-plan living, oil-finished oak floors, marble countertops, large windows, energy-efficient heating and cooling systems, and other top-tier components.” The team secured supplementary air rights from neighboring properties, growing the project some 8,500 square-feet and allowing for additional windows along shared lot lines. Between the building’s two wings are four spacious private terraces. In all, 14 units will have outdoor spaces. On the roof will be a 1,300 square-foot rooftop terrace in addition to four private 300 square-foot cabanas equipped with water and electric hookups for outdoor kitchens.
Amenities in the building include a gym, rooftop common space with private cabanas, resident lounge, children’s playroom, on-site parking for 16 vehicles, attended lobby and bike storage. Prices for the remaining batch of available units range from $1,185,000 to $2,395,000 and are all three-bedrooms. The majority of residences will be family-sized and the available three-bedrooms average 1,400 square feet apiece and are priced at $1,378 per square foot which is a bit higher than the neighborhood average. According to CityRealty, median listing prices for condos in Boerum Hill stand at $1,247 p/sf and closing prices are up 17 percent since last year.