[email protected] is a new luxury condominium development located at 189 Schermerhorn Street in the heart of Downtown Brooklyn. They recently have adjusted selling prices with 90% of their units below $600,000, a huge price difference from other new construction condominiums in New York City.
[email protected] consists of 246 studio, one-, and two-bedroom homes with prices beginning at $265,000 for studio residences. Each apartment is equipped with high end appliances and furnishings and the building itself has a gym, lounge, roof deck and valet parking (for a fee). If you do the math on a $265,000 studio, 15% down ($40,000) leaves you with a total monthly cost of $1600 with maintenance included. The average Manhattan studio rental is $2000 and with the same amenities as this condo it is more like $2500. If you are fortunate enough to have a savings right now and with real estate picking up speed all over the city this might be the time to start thinking of purchasing your first apartment and [email protected] might be the first place to start looking!
I spoke with Aaron Lemma of The Corcoran Group, the sales director, along with Frank Castelluccio of The Corcoran Group, about the building and neighborhood to see what is attracting so many die hard Manhattanites to this BK condo.
What type of people does [email protected] attract? What is the average age of people who live there?
[email protected] attracts people who want to live in a full service (24-hr doorman, gym, coffee bar, media center and on-site garage) building in the heart of the beautiful and growing downtown Brooklyn.
Do you find a lot of people who purchase were initially looking in Manhattan?
Yes. [email protected] offers the same full service amenities that Manhattan buildings are known for but purchasers are attracted to the cost savings of living in Brooklyn and the very short commute.
Do a lot of your current tenants still work in Manhattan?
Yes, many of our residents work in Manhattan.
What is the commute like?
[email protected] is conveniently located just a few blocks from the M, R, 2, 3, A, C, F and G trains. Manhattan is only a few minutes or 2-3 stops away depending on where you are going.
What are the most common questions you get from prospective purchasers?
With a lot of buyers coming from outside of Brooklyn, they often ask about the neighborhood services and hot spots, all of which are just two blocks away on Atlantic, Court and Smith Streets. Buyers also ask about where to go food shopping, Brooklyn Fare is across the street, what’s the best restaurant, local night life, what’s the closest train etc…
What type of broker feedback have you received?
It’s been phenomenal, “great building at a great value”. We have many brokers doing numerous deals in the building because they know it’s a great investment.
Tell me something about the neighborhood that the average Joe wouldn’t know?
Martin Scorsese filmed Michael Jackson’s “Bad” video at the Hoyt / Schermerhorn stop, a half a block away.
Is there a good night life?
Smith Street is two blocks away and is one of Brooklyn’s best restaurant rows. There are plenty of bars and clubs in the vicinity to keep someone occupied. You’re also in a great central location if you want to take the G to Williamsburg the R to Park Slope or take any of the conveniently located subways to Manhattan. The neighborhood also has a great selection of supermarkets like Brooklyn Fare, Trader Joe’s and Pacific Green.
Do you find there is a big difference in cost of living in Schermerhorn compared to Manhattan?
Yes, there is big savings living at [email protected] compared to Manhattan. One comment we get all the time is, parking alone is three times less expensive than what they are currently paying in Manhattan.
Any other comments?
[email protected] is in the center of all of the hot spots of Brooklyn including Brooklyn Heights, Cobble Hill, Boerum Hill and Carroll Gardens. [email protected] provides access to all that Brooklyn has to offer: classic architecture, shopping at chic retailers, specialty food markets, and some of the city’s best restaurants and bars.