TCO for 48-unit condo with $100M sellout in Brooklyn Heights

Oestreicher Properties and GPB Capital Holdings, on January 21, were issued a temporary certificate of occupancy for construction of a 48-unit, 74,115-square-foot residential building at 211 Schermerhorn Street in Brooklyn Heights. Deborah Tsabari, CFO at Oestreicher, filed the plans.

The development, CD170121, currently has a $99,853,000 sellout price with the New York State Attorney General. The condo plans were submitted on April 12, 2017, and Deborah Tsabari, David Gentile, and Gerard Jeffery are listed as the principals of the sponsor.

The plans, pre-filed on February 24, 2016, call for the construction of a 140-foot tall, 14-story residential building. The time from pre-file to TCO was four years and 11 months.

The project is described in the filings as: construct new 14-story building as per plans filed.

The building’s cellar has retail space, according to the plans. The ground floor has additional retail space, a residential lobby, and a mailroom. The second floor has three dwelling units, floors three through 11 each have four dwelling units per floor, and floors 12 through 14 each have three dwelling units per floor. The roof has recreation space.

Morris Adjmi Architects designed the building.

GPB Capital Holdings purchased the property for $30 million on August 30, 2016.

In an analysis from August of 2020, PincusCo Media identified 211 Schermerhorn Street among 10 projects that had not recorded any closed sales through July of 2020 even as the developer had recorded the condo declaration between July 1, 2018 and January 1, 2020.

Direct link to Acris document. LINK

Direct link to DOB document. LINK

Direct link to C of O document.LINK