Pandemic prompts developer to turn Brooklyn condo into luxury rentals
Condo deals in New York have plummeted and all eyes are on Avery Hall’s property strategy
New York — 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, New York.
“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.”..
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