The Real Deal New York

Flank’s the Boerum breaks neighborhood record

Two apartments sold for more than $4 million at the building
By Claire Moses | March 11, 2015 04:25PM

These Brooklyn apartments are selling like hotcakes.

Sales launched at the Boerum — a 20-story, 128-unit condominium development in Boerum Hill developed by Flank — in December. Since then, the building broke the neighborhood’s record by selling two units for more than $4 million.

The second highest sale in the area is a $3.3 million four-bedroom unit at nearby 362 Pacific Street that was sold at the end of 2012, according to data from StreetEasy.

Corcoran Sunshine Marketing Group is handling sales at the Boerum.

The building is now more than 50 percent sold. More than 60 apartments were sold at the building and the project has generated more than $100 million in sales so far. The building’s most expensive units — two five-bedroom units for $4.3 million — have both been sold.

The majority of the buyers of the units are coming from other parts of the city, said Tricia Hayes Cole, executive managing director at Corcoran. Roughly 20 percent of people who have bought units so far are coming from outside of the city.

A hotel will occupy the first six floors of the building. Condos will start on the seventh floor.

The prices at the Boerum resemble units in Brooklyn’s fanciest areas, such as nearby Cobble Hill and Park Slope.

This is architecture and development firm Flank’s first foray into Brooklyn. The firm is also responsible for 224 Mulberry Street in Nolita and the Abingdon in the West Village. The first residents are expected to move into the building in 2016.

  • +$4M? At that price, are hotcakes served in bed?

    • realestatepro

      haha I laughed out loud at my desk at that one…

  • Marc

    Not everything is selling in this market. At least the area looks decent & building seems from my opinion to have been tastefully designed. Nice job.