Our old friend Warehouse 11 is in the middle of closings, or so we thought! After a pair of sales, it appears that someone has stepped on the hose at the famed fire sale building near McCarren Park, where a near foreclosure led to some litigation and steep price cuts. A buyer in the building writes:
Apparently the Attorney General put a stop to all closings and sales around mid-May. A couple of people closed, but a bunch of contracts were put on hold at a moment's notice - I heard from my lawyer the week I was supposed to make my closing appointment. I haven't been able to make heads or tails of what's actually happening since, and there's been no real news about it - surprising, since it got so much coverage. This means there's 70-80 something people with contracts and no foreseeable closing date. According to enthusiastic Warehouse 11 tweeter David Maundrell, president of brokerage aptsandlofts.com, the building will be back in business shortly. (UPDATE: Maundrell just let us know closings at Warehouse 11 have resumed.)
Basically the Attorney General’s office requested that the sponsor to amend the Offering Plan to outline the previous litigation, which has been settled for some time now, temporarily delaying the closings. The requested information was incorporated into the Offering Plan and we have been informed that the Attorney General’s inquiry is complete and release of the 4th amendment is imminent. We expect closings to resume shortly.Joy on North 11th Street! And speaking of buildings that vanished from the market amid foreclosure fears, Greenpoint's Pencil Factory condos, which went the Warehouse 11 route of major PriceChopping, seems to be doing well. According to the Pencil pushers, 24 units have sold in the three weeks since the building came back from nearly getting erased. The Pencil Factory is now slated to be finished in the fall, and the "pre-opening" prices are $323,000 to $659,000 for units ranging from 623 square feet to 1,280 square feet.
· Warehouse 11 coverage [Curbed]
· Pencil Factory coverage [Curbed]