be@Schermerhorn another one bites the dust!

http://curbed.com/archives/2009/09/03/walk_of_shame_beschermerhorn_accepting_returns.php

NYC is going to have the nicest projects in the world

It won't go section 8. It'll just go rental

I dont think going rental is an option if they need cash flow soon

The shadow grows! Feel the wrath of the king of cash flow. It has no allegiance to Obama, none to geitner, none to Goldman sachs, and definitely not to brokers who scream buy! Buy! Buy!

How can they rent if the building isn't finished?

Next stop, Rushmore.

WOW. Just checked out some floorplans.

Even the "big" apartments are bite-sized! A "one bedroom" for sale for $475K has a 14x13 "living room" (with another one of those damn "open kitchen" designs, so in such a tiny living space you're literally "living" right on top of your kitchen appliances) ... and an 11x8 bedroom!

My college dorm room had more space!

They wont be able to rent these out now its too late. Avalon and Brooklyner are both about to open. That alone is about 1000 rental units in an area that is unproven. DT Brooklyn is a total train wreck

This must be the condo dev. in Forte Green we are all wondering about...............!

http://www.nypost.com/seven/09032009/realestate/horn_section_187807.htm?page=2

Be@ isn't Fort Greene but Toren is in Fort Greene

Yeah the thing is though is that this is not even Fort Greene. Looks like a lot of the buildings will turned into projects

Can they turn Oro and Forte into section 8 housing since they are already owner occupied?

HH yes

Sucks for them.

I have a feeling like most of the Forte closers were not legit anyway.

How so? I went to an open house there and saw people coming and going.

I think Goldman are a bunch of theives and I would not trust one word they said

But Goldman and Clarret no longer own the building. What is your opinion about the building?

my opinion is that the 37 units that Goldman said had closed are not legit

I would say most developers are guilty of inflating their numbers especially before they get a TCO. The fact is that Forte does have residence living in the building how can you say these are not legit?

this is wild. this is whats gonna happen to north side piers and all over the place. so now do the banks come in and just firesale it ?? how can there possibly be RE bulls when you see this happening?? it really is like the black knight in the holy grail..." Its just a flesh wound..."

drove past Forte today and it looked boarded up

Thats been like that for awhile I think they were doing renovations to the outside yard that surrounds the building.

If circumstances were different, it would be interesting to see what kind of prices these units would bring in an auction setting - new market price discovery!

The Brooklyner hasn't even announced any pricing or availability yet. Be@ was pretty much finished on the inside except for the instillation of appliances in most units. It could start renting by the end of the year if they wanted to go that route.

The Brooklyner will be leasing in October and Avalon is leasing. Avalon has to be the biggest rip off I have ever seen and I dont know how they will rent them

Avalon wants 2,000 a month for a 498 sq ft studio. Considering you can get more bang for your buck in rental in far more desirable locations like Boerum Hill or Cobble Hill it's as if the financial collapse never happened.

nyguy The brooklyner is going to be much cheaper. Avalon is nuts and ther e buildings are hardly luxury

According to the most recent post on Brownstoner about the two buildings, they're both going to start at 1,700 for a studio so it doesn't look like it's any cheaper.

I guess we'll find out soon enough when they open their leasing offices, but I don't think they'll have much of a difference in rental prices.

Denial not only a river. Prices will decline further. 1998 prices are on the way.

wowzuh.

hey, its not like anyone called this.

oh wait, i did...

nyc1002
wowzuh.

hey, its not like anyone called this.

oh wait, i did...

you, me and anyone with a little vision!

Yeah, 1998 prices will happen when the Gowanus canal suddenly cleans itself.

If manhattan is $500 psf then brooklyn is $300 psf. 1998 oh yeah Dow at 10k first broke 10k in 1999 so ya think after Dow 6k and bursting of the greatest bubble plus 10% unemployment we might? Hit 1998 prices. R u a borker, hunger much?

Sure if you want to live in Bensonhurt.

nyguy the gowanus is actually cleaning itself

We had considered this one, but the a friend of ours told us to steer clear.

Anything new here. What is going on with this building. Does anyone know?

Don't tell me you're interested in buying here. This building is a failure in every sense of the word; financially, architecturally, stingier than usual floorplans, lack of W/D, low ceilings, insufficent underlayments for the wood floors, and on and on....

Nothing to see here... Move along, move along....

Did not know it was that bad. But do you know what is hapening there. Has it been handed back to the bank?

read in the Journal this morning that this was sold to an investor group. said undisclosed price. would be very interesting if anyone here has inside info on what that price was - great real-time print on a failed condo.

Jamestown, the purchaser, was one of the original equity investors. Basically, it appears that they bought out the construction lender.

According to the Wall Street Journal Be@Schemehorn has now been sold to a German Investor group!

http://online.wsj.com/article/SB125789475938042387.html

Yes the news is on Bloomberg too. They actually bought the loan, not the proerty per se.

It will be interesting to see how the transaction values the property, on a per unit basis, if the price eventually comes out.

Either they bought because they got a great deal, and believe that the property will function well as a rental and will be very capable of servicing the loan, or they bought because they believe the market is underpriced and values will soon go back up.

Most likely they bought because they got a distressed price. Anybody want to guess? Do you think they paid 70 cents on the dollar? Fifty cents?

According to Jamestown's press release it's not going rental. They're going to plug ahead in 2010 with sales. Since they bought the mortgage perhaps they're going to cut prices again to attract buyers.

I think lowering prices is a given. If they didnt sell already, how are they gonna sell now at the same old levels ?

Here is some more info on curbed!

http://curbed.com/archives/2009/11/11/vultures_pick_off_downtown_brooklyn_condo_building.php

Curbed is still around? Ever since their mandatory registration, the site seems to have died big time. It looks like they're lucky to get one to two comments per article now. Even, stroller baiting does nothing... too funny.

In addition to the pricing, the fact that new build condos are now harder to get financing for probably stopped a lot of people moving forward.