Facing a Daunting Market, a Luxury Brooklyn Condo Pivots to Rentals
May 03 2021, 10:48 PM
May 03 2021, 2:12 PM
May 03 2021, 10:48 PM
(Bloomberg) In 2016, just before New Yorkâs high-end condominium market began to buckle under the weight of its unsold inventory, a developer and design architect named Avery Hall Investments purchased a plot of land a stoneâs throw from Borough Hall in the heart of downtown Brooklyn, N.Y.
(Bloomberg) In 2016, just before New Yorkâs high-end condominium market began to buckle under the weight of its unsold inventory, a developer and design architect named Avery Hall Investments purchased a plot of land a stoneâs throw from Borough Hall in the heart of downtown Brooklyn, N.Y.
Originally, One Boerum Place “was very much envisioned as a condo,” says Fisher. “At that time, the condo market was roaring and all signs were pointing to continued growth, and in our company’s history, this was the culmination of the condo pipeline we’d amassed.”
By 2019, New York’s luxury condo market was no longer roaring, though it was certainly chugging along compared to a year later, when the city’s housing market cratered during the pandemic. “We really started bottoming out in 2019, or it seemed like the bottom,” says John Walkup, the co-founder of UrbanDigs. “Then Covid hit and shook everything up again.”
Staff
The Caisse de dépôt et placement du Québec is among the investors committing more than $600 million to eStruxture Data Centers Inc., a data centre provider in Montreal.
The investment will fund eStruxture’s acquisition of data centre provider Aptum Technologies and additional capital expansion projects in Canada, according to a press release. The other investors include Fengate Asset Management, as well as a group of Canadian banks and a credit facility with Deutsche Bank. The Caisse previously invested in eStruxture in 2017 and in 2019.
“This transaction eStruxture’s fifth acquisition since its creation in 2017 consolidates its presence on a national scale
Facing a Daunting Market, a Luxury Brooklyn Condo Pivots to Rentals With the appetite for condo sales in New York still diminished, some developers are attempting to compete in the luxury rental market instead. Bloomberg | May 03, 2021
(Bloomberg) In 2016, just before New York’s high-end condominium market began to buckle under the weight of its unsold inventory, a developer and design architect named Avery Hall Investments purchased a plot of land a stone’s throw from Borough Hall in the heart of downtown Brooklyn, N.Y.
“It was abundantly clear to us that if we could amass all the air rights on the city block, we could create a tower that was four-sided, with views, light, and air in perpetuity,” says Avi Fisher, a founding partner of Avery Hall. “So after we acquired the main parcel, we spent about a year and a half aggregating all the excess air rights.”
Arrive Logistics Takes On Over $300M Investment Led By ATL Partners benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.