New York area real estate developer Jeffrey Gershon is partnering with AEW Capital Management on a new $90 million condominium project located at 520-528 Atlantic Avenue in Boerum Hill, The Real Deal has reported.
Gershon runs Hope Street Capital.
The partners acquired the property from Simon Dushinsky’s Rabsky Group for $30 million last December. Rabsky acquired it for only $13 million, more than doubling its investment in less than a year.
The one story Brooklyn property, which formerly housed a Walgreens, is also known as 505 Pacific Street. It is set to be demolished this summer.
The new building is set to have 6 stories with an additional two floors underground with a total of 115, 000 square feet of space. It will include a parking garage, 30, 000 square feet of retail space and 30 apartments with a total of 60, 000 square feet of living space.
Beyer Blinder Belle is designing the new building.
PHOTO SOURCE: REALDEAL.COM
