Development
Downtown Brooklyn

Any Takers for 189 Schermerhorn?

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189-Schermerhorn-Street-1207.jpg
It never hurts to try! It’s not uncommon for a developer to get approval for a set of plans and then, before embarking on the arduous process of actually putting up a building, to float the package on the market. If someone’s willing to pay enough, he can just pocket the dough and save himself a whole lot of headaches. SDS Procida, the developer behind On Prospect Park, just tried a variation on that theme with its other big Brooklyn project at 189 Schermerhorn Street aka 200 Livingston Street. Last Wednesday marked the end of a discreet direct marketing effort by Cushman Wakefield to find a buyer interested in purchasing the entire 250-odd-unit project mid-stream. Procida was fishing specifically for an all cash buyer willing to put down 5% on a non-contingent basis in January with an eye to assuming ownership when the project concludes in early ’09. An email to the broker running the process was not returned, so we have no idea whether anyone stepped up with a high enough bid to persuade Procida to bail on its plans to sell the units individually as condos. Anyone know how it played out?
Development Watch: 200 Livingston Comes Into Focus [Brownstoner]
Development Watch: 200 Livingston Gets Its Siding On [Brownstoner]
200 Livingston Procida-ing Apace [Brownstoner] GMAP

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