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NEW DEVELOPMENT IN BOERUM HILL WILL ADD 30,000 SF of COMMERCIAL SPACE

Posted on by Ingram Hebron

Jeffrey Gershon, AEW plan $90M Boerum Hill condo project

Rabsky’s Simon Dushinsky flipped contract for former Walgreens building

April 23, 2015 01:33PM
By Mark Maurer

Developer Jeffrey Gershon and partner AEW Capital Management are planning a $90 million condominium project on the site of a former Walgreens in Boerum Hill,The Real Deal has learned.

The new 115,000-square-foot property at 520-528 Atlantic Avenue, also known as 505 Pacific Street, would rise six stories and have two below-grade floors, according to sources familiar with the project. Plans call for 60,000 square feet of residential space holding 30 apartments, 30,000 square feet of retail across two floors, and a parking garage.

The developers have yet to file plans with the city, but have hired Beyer Blinder Belle to serve as architect. Demolition of the one-story Walgreens building is expected to occur by late summer, sources said. The site offers 72,000 buildable square feet above ground, but the developers aim to expand that through excavation.

The Real Deal