Downtown Development Site Not Performing
Back in the salad days of 2007, a 12-story Cambria Suites hotel was slated to rise on the parking lot at 75 Schermerhorn Street. The plans went south last year, however, along with the developer’s fortunes, and The Real Deal reported at the time that the property had gone into foreclosure. The property has yet…
Back in the salad days of 2007, a 12-story Cambria Suites hotel was slated to rise on the parking lot at 75 Schermerhorn Street. The plans went south last year, however, along with the developer’s fortunes, and The Real Deal reported at the time that the property had gone into foreclosure. The property has yet to change hands, but yesterday Massey Knakal announced that it had been retained to sell off the non-performing debt on the property. No word on the face value of these notes, but it looks like the owners took on over $20 million in debt when they acquired the property back in 2007.
Mixed News on Brooklyn Hotels [Brownstoner] GMAP
DOB Green-Lights Cambria Suites Hotel on Schermerhorn [Brownstoner]
Two New Hotels Slated for Downtown Brooklyn [Brownstoner]
I always wondered how long that parking lot would last. I used to live in the little prewar with the fire escapes you can see in the background. That street has changed drastically in the last few years.