By now the saga of Warehouse 11 has become legend: Dubious beginning, near foreclosure, huge discounts, court battles and, at last, a peace treaty between the developer and lender that allowed the fire sale to continue burning. Two weeks ago aptsandlofts.com boss David Maundrell tweeted that closings in the North 11th Street building were underway, and the first of the batch (there are 120 units total, with 84 spoken for at last check) has reached public record. It's unit #3V, a two-bed, two-bath that sold for $542,000 including a parking space. The buyer lists his home address as Westfield, New Jersey. What sort of deal did this Jersey guy get?
There are no prior listings online for #3V, but there are some old ones on StreetEasy for #2V, which we believe has the same layout. At the height of the market, #2V was listed at $695,000 for 939 square feet. After the false-start foreclosure, the listing returned to the market asking $537,000, and the size was given as 952 square feet.
We assume the apartments are not on 'roids, so we'll use the smaller of the two sizes. This means that #3V sold for $577 per square foot including a parking space. If the going rate for a Williamsburg parking spot these days is $20,000 or above (a routine estimate, though correct us if you think otherwise), that pushes the sale into the $550/sf range. Is Warehouse 11 a one-off case, or will other new Williamsburg buildings in the McCarren Park area have to make similar adjustments?
· Deed: 214 N. 11th Street #3V [ACRIS]
· Warehouse 11 [Official Site]
· Warehouse 11 coverage [Curbed