McSam Bailing on Nevins Hotel
It looks like McSam is bailing on Downtown Brooklyn. The prolific hotel developer had at one point been planning to build a 12-story Hyatt Place Hotel at the corner of Schermerhorn and Nevins Streets, but the property is now on the market with Massey Knakal with a price tag of $5,000,000. According to the listing,…

It looks like McSam is bailing on Downtown Brooklyn. The prolific hotel developer had at one point been planning to build a 12-story Hyatt Place Hotel at the corner of Schermerhorn and Nevins Streets, but the property is now on the market with Massey Knakal with a price tag of $5,000,000. According to the listing, the lucky buyer will be able to put up a 90,000-square-foot building (assuming they take advantage of the inclusionary zoning bonus). Any takers?
Development Watch: 46 Nevins Street [Brownstoner] GMAP
Development Watch: 46 Nevins Street [Brownstoner] P*Shark
Development Watch: 46 Nevins Street [Brownstoner] DOB
doesn’t the developer own the lot across the street too? I think it was slated as an apt building, is it also scrapped?
Sucks that our neighborhood is just left with empty lots, but now there is another problem.
This site, and across the street, both are creating a serious safety problem that will ultimately lead to someone getting raped or seriously hurt.
Especially the lot across the street from this one: the sidewalk is temporarily in the street, where snow doesnt get cleared and cars may hit it. More so, it is boxed in, so once you are in the temporary walking area you cannot get out for the entire block. The construction site is lined with a tall plywood fence which has two dark alcoves that stink of pee and provide a hideout for anyone who wants to spring on a pedestrian. Several times have seen someone crouched in the corner there.
Its only a matter of time.
The plan to build a budget hotel at that site was just stupid.
Good point. This was a really pretty little building: http://bk.ly/bMl
There should be a law that says that all developers get their financing and projections together BEFORE they tear buildings down. That way if it doesn’t work out, a perfectly good building that someone else could possibly rehab would be saved, instead of looking at an empty lot with a couple of bricks on it forever. This especially galls me when said building had commercial or residential tenants, and was not boarded up and derelict.
Does seem like hotel market pretty saturated in the area….with the cheaper motelish stuff south of here and new highrise higher end couple blocks west.
I would guess lot will stay vacant for years with little current demand for new office space and tight financing.