NEW YORK CITY—Eastern Consolidated has been retained as the exclusive agent to market 295-309 Schermerhorn St., a future development site located in Downtown Brooklyn, on the Boerum Hill border. The 34,000-square-foot property can accommodate up to 187,000 square feet of new development, with inclusionary housing bonuses and C2-4/DB special district zoning.
Located amid an extensive amount of new development and construction activity, the site is owned by the International Society for Krishna Consciousness. This marks the first time it is being marketed in 31 years.
The area around the site is heating up, creating a climate too hot for the Krishnas to ignore, David Schechtman, principal and executive managing director Eastern Consolidated, tells GlobeSt.com. He is representing the seller on an exclusive basis, along his firm's Andrew Sasson, associate director and Gary Meese senior director of financial services.
“Over the next two years, three hotels and over 1400 residential units will be created in the Schermerhorn and Livingston street corridors between Flatbush avenue and all the way to Boerum Place, and that's without the development of the Krishna headquarters."
For prospective buyers, there's another advantage to the site. “This is a bargain neighborhood today. Rentals are going for $$30-$35 a foot, so that's $3,000 a month for a two-bedroom, two bathroom apartment. And it's still a pioneering effort because the area doesn't have 273 varieties of coffee on every corner.”
He adds, “As America has returned to its urban core, Downtown Brooklyn has emerged as one of the most desirable locations. The explosive growth in this area has created an inflection point of commercial, residential, and cultural activity that would have seemed impossible just ten years ago. If the Krishnas had a nickel for every offer they got before I came in, they could solve world peace.”
If Schechtman had to hazard a guess on what the Krishna site will become, he says, “the way our deal is pricing, the expectation is of $300 plus per buildable foot, so it seems as if as a condominium development on is one of the likeliest scenarios.”
Situated on the North side of Schermerhorn street between Nevins and Bond streets, the property is close to Atlantic Center/Terminal, Barclays Center, BAM Cultural District, and the Downtown Brooklyn CBD.
With multiple subway and bus lines nearby, as well as the Long Island Rail Road, the property is easily accessible to much of Manhattan, Queens, Brooklyn, and Long Island.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
