Be@schermerhorn nears FHA approval

Downtown Brooklyn’s long-awaited be@schermerhorn condominium has
received preliminary approval from the Federal Housing Administration,
a first step toward the project’s ability to accommodate FHA-backed
mortgages. The approval comes on the heels of its recent third relaunch at
selling out the building. There are executed contracts for over 20
percent of the apartments in the 246-unit two-building complex at 189
Schermerhorn Street, putting it near the 30 percent mark needed for
closings to begin under FHA guidelines. Be@schermerhorn has studios and
one-, and two-bedroom units starting at 444 square feet and $265,950. TRD