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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Are they trying to flip before finishing it? Curious if the subprime bubble is metastasizing.
is this condos or rentals?
I had heard this was rentals.
nice looking buidling, will be good for the area.
See… This crash is picking up momentum! This is a clusterfuck! If I had a condo right now, I would be shating in my pants now.
After the Holidays you will see this thing fall apart like a 2 dollar watch. At that point we will be fucked.
And stop saying Subprime’, it’s all this shit. RIP Mutant Real Estate Bubble.
The What
Someday this war is gonna end……
BTW More good news NOT!
U.S. Foreclosures Rose 68 Percent in November, RealtyTrac Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=az3LawfPTxCU&refer=home
68%! Can you wrap your mind around that shit?!
This not a sign of the bubble — SDS Procida always tries to sell their projects before they are done being built. Did it with 53 Boerum, 90 William and others. its normal.
SDS bought property, spend $ to get approved, arch, eng, fees, started construction…they sell and make a profit, next owner finishes project and wants to sell the units and of course to make a profit.’
The units will be priced more cause of this ‘flip’…who wins people?? Not the buyer!!
“is this condos or rentals?”
Sweet Moses, do any of you actually READ the articles?
From the next to last sentence:
Procida…plans to sell the units individually as condos.
no one reads.
that’s why the comments are so idiotic.
they just spout nonsense based on their own platforms and rarely read the full article.
all 100 words of it.
i heard this is rentals.
It was originally touted to be a rental building – I have no idea where the condo info from above came from.
According to the Architect’s website (http://www.sbjgroup.com/, no direct linking but look under projects, residentia) this is to be a condo.
Pretty sure that Procida’s plan is to make it condo but we heard that the flip sale was targeted more towards buyers that would make it rental
yeah, it looks like they filed a condo dec a while back.