The New Coney Island - Brooklyn's Times Square by the Sea

Sunday, October 4, 2015

Daily News - Brooklyn's Pacific Street is the new gold coast for luxury real estate

Excerpt - 

Brooklyn has a new gold coast for luxury real estate.

Forget the slender brownstones of Brooklyn Heights’ Willow and Pierrepont streets. Quirky, industrial-style homes on Pacific St. between Fourth Ave. and Henry St. are the new cash cows for investors in the city’s coolest borough.

“Quietly, Pacific St. has emerged as the most exciting strip of real estate in Brooklyn,” said broker Alex Maroni of Douglas Elliman, who recently sold a $15.5 million mansion on the street. “No one expected that we would ever see the prices we’re seeing along this corridor.”

A string of residential mega-deals has put a spotlight on a stretch of Pacific St. that runs through Cobble Hill and Boerum Hill — from the Barclays Center and surrounding megaproject to the former Long Island College Hospital, which is being converted to apartments.

In June, Maroni sold the six-bedroom carriage house at 177 Pacific St., between Clinton and Court Sts., to famed shutterbug Jay Maisel, shattering the record for the most expensive home ever sold in Brooklyn.

Also this spring, “Feels like Home to Me” singer Norah Jones, who already owned a home around the corner on Amity St., nabbed a $6.25 million house just blocks away, at 172 Pacific St., bringing even more star power to a neighborhood colonized by Hollywood in 2005, when Michelle Williams and Heath Ledger bought a Boerum Hill pad on the nearby corner of Hoyt and Dean Sts.

Now, investors are looking to leverage the growing momentum on the strip by filling in vacant patches of land with cool, amentity-laden homes that are impossible to build in nearby Brooklyn Heights or even in the West Village.

One of those new houses is about to list for $12.5 million, or more than $2,000 a foot.

High prices apply to condos, too.

Buyers will have to fork out more than $1,400 a foot, or about 40% more than the neighborhood average, for apartments at a new 30-unit condo development at 465 Pacific St., designed by architect Morris Adjmi.

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