Williamsburg's Warehouse 11, the reborn North 11th Street condo development that's threatening the sanity of the entire neighborhood (check out the discussions here and here), held its grand re-opening party last week following that icky foreclosure mess, and the Post's Max Gross was there to document it:
"We had 11 offers by 5:17," says David Maundrell, president of Aptsandlofts.com, which is marketing the building. "They were all at asking [price]." Say what?
"We have over 350 appointments scheduled," Maundrell adds. (The building only has 120 units.)
By the end of the night, 34 units had accepted offers (another 20 or so units had offers made below asking price that were rejected).
Does this mean the benchmarks have been hit to jack the prices back up to $650/sq. ft. from the cheaper "introductory pricing?" Says Maundrell, "We're being cautious with price increases. We don’t want to play with fool's gold." Which is a good thing, because Warehouse 11 already has all the black gold it can handle.
· Open fire! [NYP]
· Warehouse 11 coverage [Curbed]