125 3rd Avenue / 10 St. Marks Place

Location: Boerum Hill, Brooklyn

Capitalization: $12M

Size: 25,000 GSF

Units: 20

Status: Divested

 

Avery Hall Investments, in partnership with a family office, acquired an under-utilized prime corner development site, in Boerum Hill.  Avery Hall recognized an opportunity to blend down its basis, and was able to structure a complicated air rights acquisition from a neighboring underbuilt property.  The assemblage can accommodate an 8-story, approximately 25,000 GSF, mixed-use boutique development with 20 apartments and retail at grade.  The site is a short walk from the Barclays Center, the Brooklyn Academy of Music and the transportation hub at Atlantic Terminal.