As Warehouse 11 Turns
Williamsburg’s biggest real estate soap opera continues this morning with word from The Courier that Warehouse 11, the comeback kid of the condo world, has been rescued from the brink of destruction yet again. As you may recall, the developer proceeded with a massive price cutting program in January that led to more than half…
Williamsburg’s biggest real estate soap opera continues this morning with word from The Courier that Warehouse 11, the comeback kid of the condo world, has been rescued from the brink of destruction yet again. As you may recall, the developer proceeded with a massive price cutting program in January that led to more than half the units getting snapped up in a matter of days. Turns out, though, that the bank, which was in the driver’s seat following the developer’s default on $50 million of debt last summer, wasn’t on board with the price cuts. As of today, though, it looks like the two parties have reached an agreement for the developer to buy back the debt for somewhere in the neighborhood of $30 million, which would allow it to continue with its sales program. Oy vey!
Warehouse 11: Let’s Make a Deal! [Courier]
Warehouse 11: Selling, But Developers May Still Be Screwed [Brownstoner]
Warehouse 11 Sales: Do or Die For Condo’s Developer [Brownstoner]
Price Cuts Lead to Feeding Frenzy at Warehouse 11 [Brownstoner] GMAP
the 2 bedroom layouts would be so dark as there is one skinny window in the combination Living room, kitchen.
the usual crap layout.
“the bank…wasn’t on board with the price cuts”
Yeah it was. It just didn’t know it yet.
***Bid half off peak comps***
there sounds be signs on entrances to willie-b
CAVEAT EMPTOR