The seas have settled at Warehouse 11, the new Williamsburg development that nearly went through foreclosure, only to wind up in court when the developers and lender squabbled over drastically reduced prices (which went into effect so the developers could raise cash quickly). The sides have settled, the show goes on, and reps say 70% of the 120-unit North 11th Street building has gone into contract. Prices on remaining Warehouse 11 units were supposed to "return to market levels in excess of $650 psf" once certain milestones were reached, and after 84 sales, certainly those milestones have been hit, right? Well, after checking out the photos above of the well-trafficked model unit, let's see where prices stand on some apartments just listed in the building.
Looks like nine units were added to the building's active listings late last week. Here's a quick rundown on five of the condos:
1) #5S: 743-square-foot 1BR, 1BA w/ balcony; asking $455,000 ($612/sf)
2) #1F: 1,275-square-foot 1BR, 1.5BA w/ terrace; asking $587,000 ($460/sf).
3) #1H: 1,275-square-foot 1BR, 1.5BA w/ terrace; asking $660,000 ($517/sf).
4) #6P: 1,209-square-foot 1BR, 2BA w/ balcony; asking $699,000 ($578/sf).
5) #6B: 1,214-square-foot 1BR, 2BA w/ balcony; asking $729,000 ($600/sf)
So there you have it. Prices are a bit all over the place, but nothing has really climbed into the upper echelons of Williamsburg pricing (and maybe those prices look even lower to fans of private outdoor space). If the remaining 30% goes quickly, it will prove that the easiest way to a buyer's heart is through the wallet and quietly around the part of the brain that stores memories of tortured pasts.
· Listings: Warehouse 11 [Aptsandlofts.com]
· Warehouse 11 [Official Site]
· Warehouse 11 coverage [Curbed]