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Hoped-for Hope Street Conversion Changes Hands at $14M Loss

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The corner of Williamsburg that includes Hope Street was a bit of a poster child for the boom, with projects going up at 99 Havemeyer, 14 Hope Street, 27 and 29 Hope Street, and 53 Hope Street all at once back in 2007. That last site, a nifty old factory with approval for residential conversion, traded hands in late 2004 for $14.2 million. The buyer flipped it in 2006 for $26 million. Then it returned to the market in early 2008 asking $33 million, complete with plans for a 92-unit residential building with a gym, play room, and theater room (and zoning that would allow the developer to scrap all that and build a hotel instead). But that potential $33 million second flip never happened.
There were no takers for the building until a few months ago, a tipster tells us, when the property sold for only $12 million to a buyer hidden behind an LLC. Records show a lis pendens filing last year, one reason the developer might have been a-okay with taking such a loss. But could the metaphor for the larger Williamsburg market here be any less subtle?
· 55 Hope Street [PropertyShark]
· Construction Springs Eternal on Hope Street in Williamsburg [Curbed]