Last we heard from be@schermerhorn (a couple of months ago), the 246-unit condo building in Downtown Brooklyn was forced to let its existing buyers out of contract, having failed to sell enough of the building; earlier in the year, the development finally cut prices but it was too little too late. Well, now those same buyers will be able to buy back in, presumably at much lower prices. It was reported yesterday that an Atlanta-based company called Jamestown Properties has purchased the mortgage on the property and plans to relaunch the sales effort under the management of the original developer, SDS Procida. Great news for the Downtown area if they can pull it off. If it’s priced to sell, we don’t see any reason why they can’t.
Brooklyn Condo Scooped Up by German Investors [WSJ]
Jamestown Invests in Troubled be@Schermerhorn [TRD]
Vultures Pick Off Downtown Brooklyn Condo [Curbed]
Be@Schermerhorn Hits Another Snag [Brownstoner]
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]