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Space dismissed! Developer buys Brooklyn Law’s Fulton Mall office, may raze for high rise

Sold: Developer Avery Hall Investments just bought 1 Boerum Pl. from Brooklyn Law School.
Brooklyn Paper
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They’re taking the Law into their own lands!

Developer Avery Hall Investments just bought Brooklyn Law School’s office building at the entrance to Fulton Mall for $76.5 million, and it may mean yet another high-rise for Downtown, as the company says it’s looking at tearing down the current four-story structure there and replacing it with a new tower.

“The development team is currently still analyzing options for the mixed-use site, which may include replacing the current structure,” said spokeswoman Laura Dolan.

The new building at 1 Boerum Place — part of a triangular lot also bounded by Fulton Street and Red Hook Lane — will likely be around 160,000 square feet and a mix of residential and commercial space, according to a Wall Street Journal report.

The firm won’t yet say exactly how tall that is, but for comparison, another developer is erecting a 21-story, 120,000 square-foot tower on the other side of Red Hook Lane on a lot that is two-thirds of the size.

Fulton Savings Bank built the current white-brick building at the entrance to Fulton Mall in 1955 with a branch on the ground floor — a space that most recently housed an outlet of borough-boosting graphic T-shirt company Brooklyn Industries — and Brooklyn Law bought it in 1984, according to city records.

The law school began selling off its portfolio of pricey area properties in 2013 when it had $75 million in outstanding debt — first unloading six Brooklyn Heights residential buildings to Donald Trump’s son-in-law Jared Kushner for $36.5 million in 2014 and then selling a single primo Promenade property to Florida Panthers owner Vincent Viola for $35 million last year.

The school says its finances are looking good after the fire sale — its endowment will be around $225 million next year, twice what it was five years ago.

Reach reporter Lauren Gill at lgill@cnglocal.com or by calling (718) 260–2511. Follow her on Twitter @laurenk_gill
Updated 5:31 am, December 5, 2016
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Reasonable discourse

BrooklynGersh from The WT says:
Build an 80-story tower with 700 units, 350 below-market rate! More housing means cheaper housing! Downtown is meant for towers. The bigger the better.

(Wow, sorry to sound like Donald Trump, but I have long favored more development over transit centers.)
Dec. 5, 2016, 11:38 am
Michael says:
Let them build a tower, but require there be space for a giant dance club. It will add life to the area.
Dec. 5, 2016, 2:15 pm
Man from Newkirk Plaza says:
Build big and tall. Just don't add an emergency vehicle dispatch station. Has anyone noticed how many more emergency vehicles of late are more loudly streaming/screaming/blaring through some neighborhoods at all times of day and night?
Dec. 6, 2016, 12:26 am

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