Avery Hall’s One Boerum Place Defines the Next Chapter for the Luxury Rental Market in Brooklyn as Penthouse sets a pricing record at $27K / month
Avery Hall recently announced that One Boerum Place, the high profile full-block new development designed as a condominium where leasing commenced in May, is nearly 40% leased. Initial activity includes a four-bedroom, four-bathroom penthouse residence with 360 degree views of New York City and Brooklyn that went into contract for $27k/month, setting a record for the most expensive rental transaction in Brooklyn history. The top-floor home features 3,100 square feet of interior living space and 2,000 square feet of private outdoor space. The rapid leasing activity at One Boerum Place is a testament to the previously untapped demand for brand new high end rental product in Brooklyn with exceptional amenities such as a Stargazing Lawn, a one-of-a-kind rooftop Chalet Lounge, porte-cochere, automated parking and electric charging stations. One Boerum Place welcomes its first residents this week.
“Avery Hall as a firm has always taken a long-term view on New York City and we felt that post-pandemic real estate development warranted a new strategy,” says Avi Fisher, Founding Partner of Avery Hall. “The decision to pivot to rental has unleashed a fervor in the market for this exact product type: spacious, ,family-sized residences in a full-service building with incredible indoor and outdoor amenities and private outdoor space. We’re thrilled that One Boerum Place is being tremendously well received and are excited to welcome our first residents home this week.”
The record-breaking Penthouse lease speaks volumes for the future of the rental market in NYC and showcases a remarkable appetite to rent the best new development product available. Meanwhile, absorption has been uniform across all unit types from one-bedrooms to four-bedrooms as they come to market. Leases are being signed on homes with both immediate occupancy and occupancy later this year upon completion of construction.
All residences at One Boerum Place have stunning natural light due to the site’s unique footprint on an entire flatiron-shaped block framed by Fulton Street, Boerum Place and Red Hook Lane. Nearly half of the market-rate rentals feature private outdoor space, including landscaped terraces and covered loggias with gas connections for grilling. Gachot Studios, the eponymous design firm led by Christine and John Gachot, appointed the interiors to evoke a sense of permanence historically reserved for purchase only, such as solid oak millwork, Bianco Dolomiti, Grey Galaxy stone, and venetian plaster for natural warmth and edited serenity.
Residences have over 10-feet high ceilings, oversized 6 x 8” corner windows, 8” custom doors with natural stone saddles and wide plank oak wood floors. Kitchens include handcrafted custom wood cabinetry designed by Gachot, custom tambour-wood radius culinary islands, tundra-grey countertops and polished nickel Waterworks fittings. Each is equipped with luxury Bosch integrated appliances including a five-burner gas cooktop with built-in vented hood, oven, microwave, and under-counter wine refrigerator. Bathrooms have custom vanities, Waterworks® nickel fittings, and stone countertops. Primary bathrooms are clad in Bianco Dolomite marble while secondary bathrooms offer a Gris de Savoie feature wall. Powder rooms contain millwork paneled walls and a floating Fusion Green custom marble vanity.
Indoor wellness amenities include a lap pool, sauna, men’s and women’s changing rooms, two-story fitness center outfitted by HOMAGE with state-of-the-art equipment, a cardio mezzanine and a yoga room for private classes. The Resident’s Lounge contains a massive culinary island, oversized dining table and a separate media lounge for endless entertaining. Children will enjoy a bright and bold playroom with interactive furnishings, cloud lighting and a library wall. There is a pet spa with a grooming station along with bicycle storage for additional convenience. Residents will be offered exclusive access to lifestyle programming and experts to help new residents plant roots in the neighborhood.
One Boerum Place offers numerous lush outdoor spaces designed by Brook Landscape, appointed with a variety of trees, hedges, flowers and herbs. A south-facing rooftop park on the 23rd floor was configured for a meadow-like experience with a Stargazing Lawn for gatherings, picnics and outdoor fitness. There are multiple cooking stations and lounge areas with pergolas and dining tables for year-round entertaining. A first-of-its-kind Chalet Lounge with a stunning outdoor fireplace and a hearth clad in black marble and a 30-ft high flute is located on this level.