A twelve-story condominium building has received funding for its imminent rise at 70 Schermerhorn Street, in Brooklyn Heights, Brooklyn. The announcement comes from JLL’s Capital Markets, who raised $42.1 million in joint-venture equity from a $512 million fund managed by The Davis Companies. The capital will be allocated for construction financing. Lonicera Partners and Orange Management are behind the project, and the news comes also comes with a rendering.
Permits were filed for the site in August of 2017. The 125-foot tall structure yields 86,000 square feet, with 68,640 square feet dedicated to residential use. 59 units will be created, averaging 1,163 square feet, indicating condominiums. A 3,000 square foot rentable retail space will be situated on the ground floor.
Eugene Colberg is responsible for the design.
Demolition permits were filed for the existing site in late December of 2017. The estimated completion date has not been announced.
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Please pardon me for using your space: Work with money.
Technically speaking, 70 Schermerhorn is located in Downtown Brooklyn i/o Brooklyn Heights. It has been happened lately that new developments on the outer areas of DoBro try to brand themselves as part of Brooklyn Heights on the west and as part of Boerum Hill (like the Nevins on Schermerhorn) on the south side. Downtown Brooklyn is becoming a great neighborhood and this is a misleading marketing tactic. It’s about time for everyone who lives or who wants to live in DoBro to start accepting that they are part of it.
Sorry, but you, or the developer, is playing fast and loose with neighborhood geography here. 70 Schermerhorn is EAST of Court Street. That means it’s in Downtown Brooklyn, NOT Brooklyn Heights.