What's Going On at Be@Schermerhorn?
We haven’t heard so much as a peep about be@schermerhorn since the 246-unit development at 189 Schermerhorn Street in Downtown Brooklyn was the object of one NY Times interviewee’s desire back in January. Whether you look at the listings on Corcoran or on StreetEasy, there’s not a trace of any signed contracts; however, according to…
We haven’t heard so much as a peep about be@schermerhorn since the 246-unit development at 189 Schermerhorn Street in Downtown Brooklyn was the object of one NY Times interviewee’s desire back in January. Whether you look at the listings on Corcoran or on StreetEasy, there’s not a trace of any signed contracts; however, according to one real estate insider we talked to, a couple were recently signed. We hear from the same source that the developer is busy negotiating with the lender on a plan for the building. We wish them the best of luck (really), but it’s hard to see how this avoids going rental at this point. Perhaps that’s why our call to the developer was not returned. Update: Okay, folks, we just got a call from the developer and here’s the deal. They closed the sales office over the holidays because it was burning money and it was clear no deals were happening. With foot traffic and interest picking up at other open houses in recent weeks, they’ve decided to relaunch the sales effort within the next couple of weeks. The capital structure of the building is such that they anticipate being able to offer price points that make sense in this market, as opposed to some developers whose hands are tied by onerous mezzanine debt. This will be interesting to watch.
Checking In On Be@Schermerhorn [Brownstoner]
Be@Schermerhorn Listings [StreetEasy] GMAP
Price Cuts at Be@Schermerhorn [Brownstoner]
Inside Be@Schermerhorn [Brownstoner]
BrooklynLove – sure, there are some that don’t here in nyc, but only with 750+ FICO, 50-60% LTV and 6-7% rates. i’m sure there are tens of people just in a mad rush for those terms. good try.
jingle mail – the fatal flaw in your logic is that all lenders follow FNM, FRE and FHA guidelines.
the fatal flaw in their logic is that increased foot traffic will result in increased sales. i would tend to lean more toward it being an expression of morbid curiosity. and even if prices “make sense” for the market, new FNM condo rules will make it almost impossible to get funded on this. FRE is likely to follow shortly.
i heard their sales office has been closed for months.
Make it a homework assignment, Prodigal Son. Ctrl C/V ‘the score’ in this thread from an Excel sheet.
“We wish them the best of luck (really), but it’s hard to see how this avoids going rental at this point.”
The sooner they throw in the towel, the better. There’s gonna be a run on the pool of available renters this summer.
***Bid half off peak comps***
I’ve asked this before to no avail.
Is there a website where on one site and perhaps even one page, you can see -all- new development condo projects in the borough with stats on occupancy, time on market, price, whether units are f/s or rental or both. In my guesstimate there must be close to 10,000 unsold new condos in BK now. But I could be way off.
Not Streeteasy though thats close.
I thought we already discussed the House of Detention!
Oh sorry, this is be@schermerhorn…