We haven’t heard so much as a peep about be@schermerhorn since the 246-unit development at 189 Schermerhorn Street in Downtown Brooklyn was the object of one NY Times interviewee’s desire back in January. Whether you look at the listings on Corcoran or on StreetEasy, there’s not a trace of any signed contracts; however, according to one real estate insider we talked to, a couple were recently signed. We hear from the same source that the developer is busy negotiating with the lender on a plan for the building. We wish them the best of luck (really), but it’s hard to see how this avoids going rental at this point. Perhaps that’s why our call to the developer was not returned. Update: Okay, folks, we just got a call from the developer and here’s the deal. They closed the sales office over the holidays because it was burning money and it was clear no deals were happening. With foot traffic and interest picking up at other open houses in recent weeks, they’ve decided to relaunch the sales effort within the next couple of weeks. The capital structure of the building is such that they anticipate being able to offer price points that make sense in this market, as opposed to some developers whose hands are tied by onerous mezzanine debt. This will be interesting to watch.
Checking In On Be@Schermerhorn [Brownstoner]
Be@Schermerhorn Listings [StreetEasy] GMAP
Price Cuts at Be@Schermerhorn [Brownstoner]
Inside Be@Schermerhorn [Brownstoner]