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Jeffrey Gershon Plans $90 Million Condominium Project for Boerum Hill in Brooklyn

The Brooklyn property formerly housed a Walgreens.


From left: 520-528 Atlantic Avenue in Boerum Hill,   Stephen Palmese and Beyer Blinder Belle’s Carlos Cardoso PHOTO SOURCE REALDEAL.COM

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

 

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