Co-op of the Day: 1 BR 96 Schermerhorn Street
The 105-unit co-op at 96 Schermerhorn Street is no stranger to price cuts, so it didn’t come as a great surprise to see that the asking price for an 800-square-foot one-bedroom was cut from $599,000 to $549,000 at the end of last week. Actually, at first glance we were surprised that there hadn’t been any…
The 105-unit co-op at 96 Schermerhorn Street is no stranger to price cuts, so it didn’t come as a great surprise to see that the asking price for an 800-square-foot one-bedroom was cut from $599,000 to $549,000 at the end of last week. Actually, at first glance we were surprised that there hadn’t been any takers for apartment 12C at the original price. Then we noticed the maintenance: $1,139. Ouch! Based on comps, though, this looks cheap—both 3C and 4C sold for $625,000 earlier this summer. All we can come up with is that perhaps the layout is different; the 12th floor looks to be about where setbacks start to occur.
96 Schermerhorn Street 1 BR [Corcoran] GMAP
Building photo by Scott Bintner for Property Shark
It’s a metaphor to describe an attitude — that people will pay ridiculous prices for apartments with “luxury” finishes they don’t use and scoff at perfectly decent apartments because they don’t have a specific cache created by marketers.
No quarrel with somebody who chooses high-end appliances because they actually use them and appreciate the features. Though, honestly, even Whirlpool dishwashers are pretty darn quiet these days.
“need viking/subzero/thermador/bosch in order to feel good about themselves”
I’ve read this before. Do people really think that there are people like this?
Viking is great- who wouldn’t want to grill inside? Sub Zero while more expensive than most refrigerators actually keeps food fresh longer and Bosch is really quiet. If you had the dough, why wouldn’t you choose this stuff?
What baffles me is the double fridge thing.
THIS UNIT IS IN THE “D” LINE, NOT THE “C” LINE, SO I DON’T THINK THAT THOSE 625K SALES FOR UNIT C ARE ACCURATE. WHO WOULD PAY 600K+ FOR A ONE BEDROOM PLUS SUCH A HUGE MAINTENANCE. IT IS A GOOD STARTER APARTMENT, NO DOUBT. BUT THIS UNIT NEEDS A BIT OF WORK.
This building’s location straddles two of Brooklyn’s most desirable neighborhoods and is one or two stops from Manhattan on any of nine train lines. It’s an interesting old building with well-designed apartments, high ceilings and good light.
The maintenance is high, but monthly cost-of-living is still below what you would pay across the street at 110 Livingston or down the block at the new rental buildings.
It’s a good deal for people who like the neighborhood and the convenience to Manhattan (and if you don’t, then simply don’t move here, what’s the problem?) and don’t necessarily need viking/subzero/thermador/bosch in order to feel good about themselves.
Apartments in this building have been selling very well (despite maintainence that some consider high)– at $700/share+. This unit is has an old kitchen (and likely baths) and is competing with updated and new units. Look around — there are not a lot of 1 bed/1-1/2 bath plus dining room (with live-in super and 24/7 security) around for anywhere near $500K. And the other unit that was referred to was sold as office space by the sponsor and used that way for 25 years– hardly comparable to any other unit here.
And it was never a dorm — it was St. John’s Law School.
Congestion, noise, high maintenance, the
housing slump, the ridiculous price -that’s why it hasn’t sold. Just because a few Manhattanites decided to take their profits and sink it into Brooklyn, doesn’t change the figures. There was a huge boom in the city, that’s Manhattan kids, it overflowed into the boros and burbs. Not anymore folks.
lawyers just trying to justify their bad buy into this building no doubt are driving all the comments in defense of this building and it’s location. you can spend your 400-500k elsewhere in brooklyn for a much better apartment. this building is nothing more than an old converted college dormitory.
“I have a friend who lives in the bldg and it suffered structural damage as a result of the dorm’s construction. The board refuses to go after Brooklyn Law so now they are making the residents pony up for the repairs.”
Total fabrication. Many of us who live at 96 fought the BLS to the end but the dorm construction caused no damage to the building (a beam broke a window — period). Anyone who spouts this nonsense is beyond ignorant. We have enough laywers living in the building that we would have sued if there were grounds for anything.
That’s not entirely true. The facade work being done would need to be done even if the dorm hadn’t been built — maybe not this year, but sooner or later.
The photo above was clearly taken within the past few months. The dorm can clearly be seen behind it and the scaffolding has only been up since this spring. The dorm has a setback on the Boerum Place facade after six stories. The A and B lines had their views partially obscured but C, at least above about the sixth floor, still has nice views overlooking Cobble Hill, all the way to the Verazzano Bridge.
The block is not Brookyln’s nicest, but it’s getting better all the time. There’s a hotel planned for the parking lot across the street. There are plenty of services at night — don’t know what that poster is talking about. Smith street is five minute’s walk.
Maintenance is high, but it’s balanced by relatively lower prices for the area. It’s a nice old building with all the problems that old buildings have and which new buildings will eventually develop.