Demolition Planned for Downtown Brooklyn Apartment Building
The wrecking ball is coming for this attractive circa-1900 walkup at 88 Schermerhorn Street in Downtown Brooklyn, which sold for $11,000,000 last month and will be replaced by condos. The new owner, Second Development Services, filed a demolition application for the four-story, eight-unit building last Friday. A deed dated October 1 lists Second Development as the buyer….
The wrecking ball is coming for this attractive circa-1900 walkup at 88 Schermerhorn Street in Downtown Brooklyn, which sold for $11,000,000 last month and will be replaced by condos. The new owner, Second Development Services, filed a demolition application for the four-story, eight-unit building last Friday.
A deed dated October 1 lists Second Development as the buyer. The site’s zoning allows a building as large as 33,330 square feet, which works out to a sale price of $330 per buildable square foot, a record for the area, according to GlobeSt.com, which covered the sale.
SDS told the publication they’re going to build a 20-story condo on the lot between Boerum Place and Court Street. The developer is also working on the 29-story Vos Hotel at 95 Rockwell Place. GMAP
Photo by Google Maps
In this case, it’s the old building that’s out of context with its tall neighbors. This is exactly the right kind of location for high-density housing. What’s really interesting is that Streeteasy said the whole building sold for $3,750,000 on 10/03/2013. Almost exactly one year later it sold for $11,000,000. That’s an impressive return.
Walked by yesterday after a visit to the Transit Museum and noticed and appreciated the entry and doors. Shame.
The floor plans of those apartments are probably a million times nicer than the floorplans of the condos that will replace them.
Benson – The preservationist community becoming “irrelevant” is an exaggerated argument. In fact, more and more individual landmarks and historic districts are added every year and are often overwhelmingly supported by local community boards and groups. The notion that landmarking is contributing to a lack of affordable housing has mainly been propagated by REBNY, which obviously has a vested interest against development restrictions. The fact of the matter is New York has torn itself down and built itself upward for more than a century and yet it’s rents and real-estate values remain absurdly high. Furthermore, believe it or not, Paris is not the world’s most expensive city to live in, it is actually Hong Kong.
Not everyone can or should be able to live in Beverly Hills or Malibu – and obviously development restrictions have been enacted in those cities which are meant to preserve their appeal and aesthetic. I personally don’t see anything wrong with that. There is in fact affordable housing in this city, but its not necessarily within Manhattan and parts of Brooklyn…