Sunday, November 29, 2015

Developer buys auto-related lots catercorner to NE edge of Atlantic Yards/Pacific Park, plans apartments on Atlantic

From the New York Post 11/24/15
Developer Jeffrey Gershon of Hope Street Capital has locked up the entire southern blockfront of Atlantic Avenue, between Vanderbilt and Clinton, with 99-year leases for two sprawling parcels at 529 Vanderbilt and 809 Atlantic. It is expected to take on a 550 Clinton address.
The site — home to ramshackle car washes and repair joints — is opposite the McDonald’s and the Pacific Park project. Up the block, a 2012-era rental at 525 Clinton has shown the area is ripe for modern apartments.
Actually, this is the north side of Atlantic Avenue, at Vanderbilt Avenue, opposite McDonald's and catercorner to the Atlantic Yards/Pacific Park site. It's currently occupied by Atlantic Hand Wash at the corner and other auto uses. There's a lot of traffic, of course, but the neighborhood is changing.

The Pacific Park building at that corner, B10, is tentatively scheduled to open in 2019, the first tower to be built on a deck over the Vanderbilt Yard.

Gershon is bookending the Atlantic Yards/Pacific Park site, more or less. As reported last April by the Real Deal, Gershon  and partner AEW Capital bought a Walgreen's site on Atlantic Avenue in Boerum Hill, at 520-528 Atlantic Avenue (at Third Avenue), and is planning condos there.

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