It was perhaps inevitable that this day would come for the building built atop the legendary Roebling Oil Field: Curbed hears that Williamsburg new development Warehouse 11 has defaulted on its mortgage and that its bank, Capital One, has started the foreclosure process. Though its official website still kicks out the grooves and sales listings are still active since their debut waaaay back in November 2007, the likely fate for this Hot Karl Fischer creation is nondo, which is to say, rentals, baby! (The ten or so buyers at the place have already been getting refunds on their deposits, as the offering did not close by March 1.) Meantime, building broker Massey Knakal is hawking the senior debt on the place; seeks developer with a weak spot for untapped petroleum reserves.
· All Warehouse 11 Coverage [Curbed]