America loves a comeback story, and here's a fresh one: Warehouse 11, the new Williamsburg condo building near McCarren Park that was headed for foreclosure and seemed destined to wind up a nondo, is back from the dead?and ready to undercut the rickety Williamsburg market! Listings in the 120-unit building, a Hot Karl special at 214 North 11th Street, vanished in May while the bank sought proposals for what to do with the thing. We're not sure how the ownership changed or the debt got restructured, but StreetEasy alerts us to the fact that 18 new listings are freshly active via brokerage Aptsandlofts.com, which calls the building, "The deal of the new decade." Break out your protective PriceChopper gear, because we're going in!
This zombie building is ready to cash out quickly. The 31 old online listings, according to StreetEasy, were priced at an average of $721 per square foot. The 18 new listings come in at a $557/foot average, below even perhaps the most dire Williamsburg predictions. Prices range from $319,000 for a 500-square-foot studio to $625,000 for an 1,100-square-foot 2BR, 2BA.
According to the brokerbabble in the listings (the Warehouse 11 website is still pumping out the jams, by the way), "Introductory limited time prices range from $450 to $550 psf on select units..." We hate to use the f-word on a building built over an oil field, but this is veering into fire sale territory, no?
· Official Site: Warehouse 11 [warehouseeleven.com]
· Listings: Warehouse 11 [aptsandlofts.com]
· Warehouse 11 coverage [Curbed]