NY post By Zachary Kussin
Don’t call it Boring Hill.
Boerum Hill, a quaint enclave long known for its stately stock of brownstones, will see a batch of larger structures arrive — activity that is a strong sign of a neighborhood in flux.
One of them is The Boerum, a 128-unit condo at 265 State St., where all but two units are in contract. Another, 465 Pacific St., launched sales for its 30 units in September from $835,000; by the end of March, they sold out.
Developers believe they’re simply filling a void, industry sources say. Boerum Hill has been home to larger buildings, but not enough of them. Folks in the local real estate market also attribute its boom to the desire to live in a spot easily accessed by 12 subway lines — without the hefty cost of a brownstone.
“If you look at the last cycle of Boerum Hill, the majority of new developments were townhouses,” says Brendan Aguayo, managing director of Halstead Property Development Marketing, which is handling sales and marketing at two condos — The Hendrik, a 33-unit project at 509 Pacific St., which aims to launch sales this spring from an estimated $1.5 million, and 610 Warren, an address with 31 apartments and interior design by Paris Forino, which also launches this spring, with pricing from $950,000. “With condos, there’s opportunity to be in a very brownstone-fabric neighborhood for a lower price point.”
He’s right. The median price for a Boerum Hill condo was $1.42 million in March, StreetEasy shows, while the figure for townhouses hit $3.99 million.
Click here to read full article