be@Schermerhorn Passes 20% Sold Mark
It’s been a productive last couple of months for the new owners at be@schermerhorn, the 246-unit development at 189 Schermerhorn Street. Jamestown Properties took a gamble on the distressed property, buying it from (but keep on as managers) the original developer SDS Procida late last year, and in May relaunched sales at 2010-friendly prices with…
It’s been a productive last couple of months for the new owners at be@schermerhorn, the 246-unit development at 189 Schermerhorn Street. Jamestown Properties took a gamble on the distressed property, buying it from (but keep on as managers) the original developer SDS Procida late last year, and in May relaunched sales at 2010-friendly prices with Corcoran at the helm. And something seems to be working (maybe it’s the ad on Brownstoner!): Since mid-May, 56 units have gone into contract and another 52 contracts are currently out for signature. StreetEasy currently shows 21 units available at prices ranging from $265,950 for a 444-square-foot studio on the ninth floor to $828,750 for a 1,037-square-foot two-bedroom on the 16th floor.
Be@Schermerhorn Starts Back Up [Brownstoner]
Second Life For Be@Schermerhorn [Brownstoner] GMAP
It is zoned for 261. I’d think the comp for this would be the Belltel renovated apartments, not 110 Livingston.
And lanbretta makes the point here — I doubt there are many arrests outside the stations, but propbably suspects being brought down to be booked/processed rather than the precinct over on Gold Street.
I know, Putnam, but when it’s because said apartment is completely unrenovated and therefore covered in lead paint… what are you going to do? Move in, get lead poisoning and then sue?
I still want that apartment, damnit. I think the moppet is old enough now to chew on doors!
Heather:
A landlord who refused to rent to a tenant with children may very well be violating the fair housing laws.
“the cops were arresting someone at the entrance of the subway a block away (handcuffs and billy clubs out)”
It should be noted that the NYPD TD30 precinct (is that the right word for Transit Districts?) is in the Hoyt-Schermerhorn subway station.
It’s actually the better of the downtown brooklyn condo locations. It’s close to more subways and only a couple of blocks into Boerum Hill.
As far as financing they have a preferred lender plus they’ll probably start closings when they hit the 50% mark. They’ve had a pretty steady stream of contract signings in he past two months so it’s selling faster than the first time around.
It’s true there are a lot of social service agencies the next block over. And I’ve seen plenty of arrests at the Hoyt/Schermerhorn stop too. However, I wouldn’t be afraid of this area. It’s walkable to many great neighborhoods with excellent transportation options. I’d live there, if the units were more family sized and came with w/d. I think this is also zoned for 261, so am not sure why this developer didn’t do more family sized units. Wouldn’t so many of these buildings do better if they appealed to families? Especially since the townhouse prices are so out of reach for many families.
cj, I lived on state and hoyt for ten years(95-05) and the area had improved a great deal in that time. Lots of foot traffic but still an “element” around the entrances to the subway. It seems to have gotten worse lately.
whoa, 828K for a 1K square foot two bedroom with no laundry? I love that immediate area, my dream apartment (which we did not get because the landlord didn’t want someone with kids) is across the street from there in the charming but disheveled 1920’s apartment building, and — but, wow. That pricing seems aggressive for 110 Livingston, never mind this location and finishes.
Did it really sell for that much? Really really?
What I said about Brooklyn and the flight to quality, I repeat — but do not understand.
On a related topic, West Brighton is looking more and more interesting to me.
800 per sq ft seems like a good haul for that building – didn’t it have financing issues?