Boerum Hill’s Beloved Walgreens Turns Into $90M Condo Project
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Next up, Boerum Hill.
505 Pacific Street (at Atlantic Avenue), the Brooklyn property that once held Boerum Hill’s beloved Walgreens, is set to be demolished this summer. Although the long-standing drug store closed January of 2014, a new $90 million condominium project is now officially in the works.
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Popular New York area real estate developer Jeffrey Gershon partnered with AEW Capital Management and acquired the property from Simon Dushinsky’s Rabsky Group for $30 million last December, according to The Real Deal.
The planned project, to be designed by Beyer Blinder, will rise six stories and include two basement floors. The building will feature 60,000 square feet of residential space holding around 30 apartments, 30,000 square feet of retail across two floors, and a parking garage.
