Louis Greco Jr. submits $119.9M condo plan for 285 Schermerhorn Street in Downtown Brooklyn

Louis Greco Jr.’s Second Development Services submitted a condominium plan with a $119.9 million sellout to the New York State Attorney General on July 13, for the building at 285 Schermerhorn Street in Downtown Brooklyn.

The building when completed will have 84 residential units and two commercial units, according to the filing.

On September 23, 2014, Greco filed plans with the NYC Department of Buildings calling for a vertical enlargement and conversion of the building at 285 Schermerhorn Street , which was occupied by Brooklyn Community Services’ headquarters.

Those new building (NB) plans originally called for a 14-story, 105-unit, mixed-use building with 78,869-square-feet of residential space and 13,684-square-feet of commercial space, but that was cut down to 84 residential units. The plans were permitted in early December of 2018.

Second Development Services (SDS) and an undisclosed private investor landed a three-year construction loan of $53.25 million from lender G4 Capital in October of 2018 for the project. G4 had also provided SDS with a $26.3 million acquisition loan for the property a year before.

Louis Greco Jr. has several other condos filed with the AG, such as 56 Court Condominium, with a sellout price of $11.2 million, and 169 Clinton Street Condominium, with a sellout price of $3.7 million.