Bad news for the developer of be@schermerhorn, the too-late-too-the-party 246-unit project at 189 Schermerhorn Street on the intersection of Downtown Brooklyn and Boerum Hill. After a dismal initial effort to sell units at crazy-high prices, the sales effort was relaunched last spring with 10 to 20 percent price cuts. According to an article in yesterday’s New York Post, sales were subsequently “strong” but it was too little too late. “We’re in stalled mode right now,” says Mario Procida of developer SDS Procida. “We had a time [limit] we had to sell out.” As a result, those in contract are now able to get out. All hope is not lost, though. The developer stays he still may be able to reach an agreement with the bank that would let him move forward with the sales process.
Welcome to Downtown Brooklyn’s Hottest Pocket [NY Post]
The Be@Schermerhorn Price Cuts We’ve Been Waiting For [Brownstoner]
What’s Going On at Be@Schermerhorn? [Brownstoner]
Checking In On Be@Schermerhorn [Brownstoner] GMAP
Price Cuts at Be@Schermerhorn [Brownstoner]
Inside Be@Schermerhorn [Brownstoner]