East River Partners has a number of ongoing projects in NYC that we’re excited to highlight. One is at 356 Baltic Street, located in Boerum Hill, Brooklyn.
Construction began in 2017 and will be completed in 2018. Our original project plan included 4 units in the condo, but we revised our plan in the early stages of development after buying air rights from our neighbor.
We are currently in the process of building the 5-story, 5-unit residential condominium, replacing the one-story garage that formerly claimed the Baltic Street address. The anticipated cost for the entirety of the 8,000 square-foot project is $6 million.
The project houses 3 floor-through units, with two units on the fourth floor. One of the fourth floor units is a penthouse unit with access to a 5th floor level with a private terrace. Other amenities for the units include bike and residential storage.
The overall look of the condominium will be simple, yet high-end. ERP’s integrated development team has extensive expertise in architecture, interior design, construction, law, accounting, entitlement, finance and marketing. We use this expertise to innovate creative solutions that will ultimately provide the best homes for future tenants of all our projects.
About the Neighborhood
The median sale price for a home in Boerum Hill is $1.629 million. This neighborhood has experienced exponential growth in the last three years. From 2015-2016, the average price of a home jumped 52%.
The condominium is within walking distance of many reputable schools. Within a half-mile alone, there are 17 schools, both public and private, for children of varying ages. This includes P.S. 369 – Coy L. Cox School (for grades K-12), Hannah Senesh Community Day School (for grades K-8), and the School for International Studies (grades 6-12).
We are excited about this project and can’t wait to see how it impacts the community. For more information and photographs, check out this CityRealty article that features the beginning of our construction efforts.