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June 26, 2007
Co-op of the Day: 96 Schermerhorn Street
Speaking of Schermerhorn Street, here's an unusual listing at Number 96. Recently reduced from $815,000 to $725,000, this 2-bedroom duplex co-op is currently being used as an office. As a result, there's no kitchen. It's also hard to tell whether there might be some nice floors and ceilings hidden beneath the dropped ceilings and linoleum (?) tiles. Without knowing the square footage it's hard to say much about the asking price, but it wouldn't be unreasonable to assume that its current condition has scared off a good portion of the market, suggesting there may be opportunity for the more intrepid buyer. What's the story with this building in general?
96 Schermerhorn Street [Halstead] GMAP
Building photo by Scott Bintner for Property Shark
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Comments
if this is the one I think it is, it has been around a long time, on and off, low ceilings, very much "raw" space. Not eye appealing and even with a stretch of the imagination it would take a lot. Way over priced...
Posted by: u2 at June 26, 2007 12:47 PM
This space was purchased from the sponsor and used as a law office for the past 25 years. There are other residential triplexes on the first floor that have gone for about the same price. I live in the buildng -- great place. It would be a good live/work space for someone who wroks at home (w/o a lot of people coming and going).
You showed the FSBO here (5D) last month...
Posted by: Anonymous at June 26, 2007 1:07 PM
This building was one of the first in the area to go from institutional/office space to residential space. This happened in the mid 80's, if I remember correctly. They were having a lot of problems with the construction of the Bklyn Law School dorms behind them, but that has been over now for years, although with the back of 110 Livingston right across the street, and all of the other new construction in a 4 block radius, I would imagine peace and quiet there will be a fervent wish for quite a while.
Posted by: Anonymous at June 26, 2007 1:56 PM
Probably won't happen for a while, 1:56.
110 Livingston is just about complete, but a hotel's just been announced for the vacant parking lot next to 110--which is located diagonally across from the entrance of 96.
It's sure to be a lot of noise and nuisance, but at least residents can can consolation in the fact that all the infill will probably add considerably to that corridor (and their property values).
Posted by: Anonymous at June 26, 2007 2:34 PM
Building used to be St. John's law school
Posted by: petebklyn at June 26, 2007 2:40 PM
where was it announced that a hotel is being built?
It's actually a very nice building. Very well maintained. The prices are not bad (i got a 1 bdrm for $199) but the maintenance is comparatively high. But the building is always in great shape, clean, 24 hour security person, washers and dryers always work and a rooftop deck. The worst of the construction is over now. Even if they do erect a hotel down the street, nothing will be as bad as the dorm or 110 Livingston since it was so close. But i do look forward to having some people on the street.
Posted by: 96 Scherm Res at June 26, 2007 3:59 PM
where was it announced that a hotel is being built?
It's actually a very nice building. Very well maintained. The prices are not bad (i got a 1 bdrm for $199) but the maintenance is comparatively high. But the building is always in great shape, clean, 24 hour security person, washers and dryers always work and a rooftop deck. The worst of the construction is over now. Even if they do erect a hotel down the street, nothing will be as bad as the dorm or 110 Livingston since it was so close. But i do look forward to having some people on the street.
Posted by: 96 Scherm Res at June 26, 2007 3:59 PM
96 Scherm Res, the hotel was brought to our attention by several publications, most notable the NY Sun.
Here's a link to a (much shorter) article from the Eagle that mentions the hotel. Read the third-to-last paragraph.
http://www.brooklyneagle.com/categories/category.php?category_id=4&id=13410
Posted by: Anonymous at June 26, 2007 4:10 PM
96 was a gut rennovation and was sold as coops in 1982. After 25 years, the smallest 1-bd are now $450K+. The maintenance is about $1.40/sq ft/month -- normal and has 50% deduction...
Posted by: Anonymous at June 26, 2007 4:46 PM
I once lived in the building and I can vouch for the tall ceilings and large floorplans. This unit, however, is pretty awful- I went to the openhouse. It's uninhabitable without a kitchen and even more so because half of it is underground w/ little windows at the top. Ridiculously priced at $725K, never mind $815K. You'd have to be crazy to buy this place for that price.
Posted by: anonymous at June 26, 2007 5:11 PM
I lived a few doors up from 96 for over 20 years. when I first moved there it was completely boarded up and had 24 hour watch dogs.
They entire back of the building used to have spectacular views but for those who lost that to the dorm their values didn't go up. And if you've never lived next to a dorm, believe me it does nothing for peace and quiet or property values.
Posted by: Anonymous at June 26, 2007 5:33 PM
I live at 110 Livingston and as a new resident of the neighborhood, I don't think much of that building. Hopefully, hotel included, we'll continue to raise the level of luxury on the block. That unit listed above is just dreadful.
Posted by: New to Town at July 5, 2007 4:22 PM
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