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Brokers Say Warehouse 11 Fire Sale Will Only Burn Briefly

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Tonight Williamsburg's Warehouse 11 will get a second chance to make a first impression. Brokers for the 120-unit building at 214 North 11th Street will hold a grand re-opening event from 5-8 p.m., months after the listings were pulled from the market amid foreclosure chatter, and days after those listings resurfaced at far lower prices. The asking prices now range from $310,000 for studios to $899,000 for 2BR duplexes, with the price-per-square-foot dipping as low as $450/foot in some cases. Brokerage Aptsandlofts.com is calling this the "deal of the new decade," but all good things must come to an end. Per a press release on the opening event, this "introductory pricing" will last only until "sales milestones are reached," and after that, "pricing will return to market levels in excess of $650 psf." Looking beyond scare tactics, Warehouse 11 is also dusting off incentives like sponsor-paid transfer taxes and free parking and storage spaces with select homes. Second time's a charm? The brokers are certainly feeling confident. In fact, they're making history!

Does this mean the developers will accept trinkets and beads in exchange for a penthouse? At this point, probably.
· Listings: Warehouse 11 [Aptsandlofts.com]
· Official Site: Warehouse 11 [warehouseeleven.com]
· Warehouse 11 coverage [Curbed]