In the past, luxury real estate buyers in Brooklyn flocked on the brownstones of Brooklyn Heights' Willow and Pierrepont streets. But over the years, the modern and industrial-style residences on Pacific Street between Fourth Avenue and Henry Street have slowly and silently gained attention and has now emerged as Brooklyn's hottest spot for luxury real estate.
The area has earned the spotlight due to a string of pricey residential deals that ran through Cobble Hill and Boereum Hill. The Barclays Center and other huge real estate projects like the conversion of the former Long Island College Hospital into apartments have all contributed to Pacific Street's current status.
Recently, Douglas Elliman broker Alex Maroni sold off the most expensive home ever sold in Brooklyn, a six-bedroom carriage house at 177 Pacific Street, between Clinton and Court streets. At a price tag of $15.5 million, Maroni struck a deal with famous photographer Jay Maisel.
"Quietly, Pacific Street has emerged as the most exciting strip of real estate in Brooklyn," Maroni told NYC Daily News. "No one expected that we would ever see the prices we're seeing along this corridor."
Another personality who just recently purchased a property located in the said area is singer and songwriter Norah Jones. She already owns a home around the corner on Amity Street but decided to invest in a Pacific street property worth $6.25 million.
Clearly, Pacific Street has gained a strong momentum which investors are striving to leverage by filling in vacant properties with edgy and modern homes that are impossible to build in Brooklyn Heights or the West Village.
One of the new houses these investors built is about to list on the market for $12.5 million. That is more than $2,000 a foot. Such expensive prices do not only apply to residential properties. Condominiums along the area are also being sold at a hefty price tag. Apartments and condominiums on Pacific Street go for an average price of $1,400 a foot. This price is about 40 percent more than the neighborhood average.
