Be@Schermerhorn Hits Another Snag
Bad news for the developer of be@schermerhorn, the too-late-too-the-party 246-unit project at 189 Schermerhorn Street on the intersection of Downtown Brooklyn and Boerum Hill. After a dismal initial effort to sell units at crazy-high prices, the sales effort was relaunched last spring with 10 to 20 percent price cuts. According to an article in yesterday’s…
Bad news for the developer of be@schermerhorn, the too-late-too-the-party 246-unit project at 189 Schermerhorn Street on the intersection of Downtown Brooklyn and Boerum Hill. After a dismal initial effort to sell units at crazy-high prices, the sales effort was relaunched last spring with 10 to 20 percent price cuts. According to an article in yesterday’s New York Post, sales were subsequently “strong” but it was too little too late. “We’re in stalled mode right now,” says Mario Procida of developer SDS Procida. “We had a time [limit] we had to sell out.” As a result, those in contract are now able to get out. All hope is not lost, though. The developer stays he still may be able to reach an agreement with the bank that would let him move forward with the sales process.
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]
do not live in this area, unless you like being woke up by construction at 3:00 in the AM every night. The construction has lasted for months!!
isn’t is a good for these in contract to get their deposit back?
geez, Minard , have you read anything last few days? if so, you would have read plenty about Forte.
Loaded question saying becoming ‘subsidized’ housing…almost like how rumor starts….next person down the line will say he heard becoming public housing project.
There has been talk of subsidies for ‘Affordable’…
And you can say same thing….but I can also say that all of us that own are subsidized with tax breaks, etc.
What’s the story with the Forte? I heard that was becoming subsidized housing? Or part subsidized.
The Post article actually should be great press for be@ as it shows how the neighborhood is growing/improving. He could easily rent those apartments.
http://curbed.com/archives/2009/09/03/walk_of_shame_beschermerhorn_accepting_returns.php
They’ve been given the option of walking away if they choose. They didn’t just arbitrarily refund everyone’s deposit.
We’ll have to wait and see how many do actually walk away and if they manage to extend the time limit that guy was talking about. IF they just dropped the prices down to about $500 a square foot they’d probably have better luck selling the units.
Thanks
Btw you got to love “investor” Ackerman who is bragging that he is collecting $3700 rent on his $730,000 apartment – yeah real genius there – hey Ackerman try a CD – its better
The quote about the return of deposits is in the 1st Post article linked above.