Fischer-palooza Continues: Warehouse Eleven Condos

845k for a 1 brm in Williamsburg at this point in the real estate market when the economy seems to be heading into a recession? I am sure these will fly off the shelves.

Posted by: guest at January 14, 2008 12:16 PM

This city will be very overbuilt soon. Stop! You're choking me.

Posted by: guest at January 14, 2008 12:23 PM

"I am sure these will fly off the shelves."

They just might. It's a very good location for Williamsburg. I've been watching a lot of the smaller Graham Ave. area projects sell out or nearly sell out, and they offer none of the amenities of this building. It seems that anything with 2BR fetches over $600K even at the Graham stop. Having looked at a lot of these units and checked the progress of closings, I don't know why this is happening, but it definitely is.

Posted by: guest at January 14, 2008 12:40 PM

12;40 hi broker wen can i meet you at the project

Posted by: guest at January 14, 2008 12:55 PM

Rhymes with schmentals.

Posted by: guest at January 14, 2008 12:56 PM

12:40, no broker here. Why don't you identify a project in Williamsburg that has failed to sell? I'm sure there are some, but even the crappiest, most cookie-cutter blindly laid out eyesores seem to be selling. I have seen one misbegotten project that looks like it was completed some time ago and remains vacant. Don't know if they haven't got the TCO/CO yet, or whether they haven't sold sufficient units. This place is a terrible looking little boutique project across the street from the projects and overlooking a gas station. And its neighbor building, also a new project, appears to be occupied.

Posted by: guest at January 14, 2008 1:13 PM

This place is sitting on top of a freaking oil field. The site continually oozed during construction.

There's going to be a rash of flipper babies from this place.

Posted by: guest at January 14, 2008 1:20 PM

The 1BR totally is worth the $845k, considering you'll have your own oil well in the basement. Perfect mansion for The Williamsburg Hillbillies!

http://www.youtube.com/watch?v=xheGwt1r8_E

Posted by: guest at January 14, 2008 1:30 PM

The explanation offered about the oil that oozed up when they dug the foundation was that it was coming from a ruptured oil tank under a neighboring building. This is not allegedly related to the Greenpoint Oil Spill.

Let's say there is some oil contamination in the soil underneath the foundation. Is that going to lead to structural problems? Flipper babies? "Groundwater" issues (we don't use the groundwater in NY)? You must be joking.

They've built a condo building, not an organic farm. Not a broker here, just tired of idiotic comments on this Monday.

Posted by: guest at January 14, 2008 1:43 PM

12:40 and 1:43 obviously bought something in the Williamsburg and are having major cognitive dissonance. Stop trying to trick others in. We are not interested in being in your sinking boat. Please enjoy the imminent property value depreciation of your overbuilt/overpriced neighborhood alone, quietly.

Posted by: guest at January 14, 2008 2:18 PM

Whatever the haters say, Williamsburg is changing for the better and becoming a more pleasant neighborhood to live in. The developers are at least planting trees, putting ugly wiring underground, and lighting up streets that used to be pitch black and quite bleak at night. Add that to the fact that it's 5 minutes from the city, and I dont think the Burg will be the first area to seriously depreciate. For every new building that goes up there are more and more services like restaurants, grocery stores, and cafes. Would you really prefer theat the neighborhood remained full of empty warehouses 2:18?

Posted by: guest at January 14, 2008 2:36 PM

If you think Williamsburg is getting better, you are insane. What an overrated and ridiculously overpriced neighborhood. Whoever pays $845k (or,700k or 500k) for a condo in that neighborhood is in for a serious shock over the next few years. Have fun with that..

Posted by: guest at January 14, 2008 2:50 PM

2:18, who exactly is suffering from cognitive dissonance? Is it:

person a, who investigates the real estate situation in Williamsburg--looking both at the buildings themselves and the public records-- and comments accordingly based on these observations, or is it

person b, who knows that these darned things are crap built on top of crap and that won't sell because, well, dammit, they shouldn't?

Posted by: guest at January 14, 2008 2:56 PM

what a ugly projact

Posted by: guest at January 14, 2008 2:59 PM

my money is on person b.

Posted by: guest at January 14, 2008 3:13 PM

This is the Roebling Oil Field building. How can you post it and not even mention its past? Don't you think people should be able to make the connection and decide for themselves whether there is a risk for them and more important for their kids?

Posted by: guest at January 14, 2008 3:52 PM

LOL @ 2:18's comment. So true. Damn I'm glad I didn't buy in 2005-07!

Posted by: guest at January 14, 2008 4:29 PM

"Damn I'm glad I didn't buy in 2005-07!"

What you mean is, "Damn I wish I could have sold something in 2005-2007."

And if you're worried about the current prospects in real estate, what you mean is "Man am I glad I don't have to sell in 2008-09".

This is real estate, not stock. The decision to buy is based on a lot more than what one thinks of the market.

Also, wouldn't you want to see some broad downward price action before celebrating your market timing genius?

Posted by: guest at January 14, 2008 4:47 PM

Ok. Here we go again. Nobody is going to make you live in Williamsburg. It is a choice that some people make. These are people who want to live in an area with lots of bars, restaurants and shopping that is close to their jobs. Although some other Brooklyn neighborhoods are clearly more attractive, Williamsburg has its own thing going.

How long will this ridiculous debate go on?

I live in East Williamsburg, work in Bushwick and Bedstuy and love visiting other Brooklyn neighborhoods on the weekend. I love Brooklyn! I see the positive and the negative of each neighborhood and enjoy them for what they are.

Can't we all just love Brooklyn for what it is?

Leah

Posted by: guest at January 14, 2008 5:31 PM

Agree with Leah,

I was jogging in Williamsburg this weekend and love the vibe... no, not the 21-year-old hipsters, but the people with kids, dogs, and creative jobs I see at places like Urban Rustic, the dog run, the coffee shops etc. Also, I cant afford Manhattan and dont want to live five stops from the city in Park Slope or other Brooklyn neighborhoods. I dont mind the fact that Wburg is a bit gritty. Around Bedford it feels safe and has a good energy.

Posted by: guest at January 14, 2008 5:37 PM

It's really ashame what this neighborhood has become. These luxury condos are all overpriced. It's disgusting. Who would want to live in a neighborhood that is obnoxiously all white? This is BROOKLYN not KANSAS. I guess people don't really care about that aspect. I am proud to say I don't live in williamsburg and never would and where I live is beautifully diverse.

Posted by: guest at January 14, 2008 6:13 PM

Oooh this is right across the street from Royal Oak. Hope they don't mind being woken up by the smoking hipsters out front on fri/sat nights when there is a dance party in the back room.

Posted by: guest at January 14, 2008 6:47 PM

What about Wburg is gritty? The trust fund hipsters? The 800k condos? The dog run? Organic supermarket? Give me a flippin' break.

Posted by: guest at January 14, 2008 8:48 PM

"What about Wburg is gritty?"

The history of Williamsburg is gritty. That's why the houses are mean and small, and many of the streetscapes recall post-apocalyptic urban nightmares. Nowadays different Williamsburg nightmares are gripping some brownstone loving Brooklyn dwellers, and it seems obvious why.

Williamsburg is arriviste. Blatantly, irrefutably and even consciously (if some of these architects even have a conscience). It's been about a hundred years since anyone built anything for classy people here, and apparently classy people still wouldn't dream of living here. Especially not the ones who value beautiful diversity!

You can't hide your social climbing snobbish selves in "taste," people--I see you!

Posted by: guest at January 14, 2008 10:27 PM

10:27, I dont even know what you are talking about. Re: diversity, there are clearly two Williamsburgs. If you go out to the bars at night, they are overwhelmingly white, with few exceptions. I grew up in Wburg and hate what it has become. For real diversity, check out Fort Greene, or Clinton Hill.

Posted by: guest at January 15, 2008 9:34 AM

It's annoying that "diverse" has become code for "there are black people" or, in the case of Williamsburg, "there aren't black people."

Actually though, there are. Also, I think the Spanish, Hasidic, Polish and Italian populations of Williamsburg should count towards diversity. However, much like frequenting local shops becomes shopping at Urban Rustic to the readers of this blog, such nuances are lost.

Someone asked why 2 bedroom condos were flying off the shelves at $600K or a little above -- because there are tons of young families moving into the neighborhood and that's what they all need. Hell, it's what I need too, but I'm not willing to pay that much for 900 square feet with one giant window that doesn't open, which is what most of that new construction boils down to.

Warehouse 11, in addition to being on top of the oil field, is just down the street from the site of a former lead paint factory, where the ground is so toxic, they're not allowed to build on it.

Posted by: guest at January 15, 2008 10:13 AM

9:34 here - I was NOT referring to just black people. I am Puerto Rican. Go out in Williamsburg one of these nights, and tell me how many non-white people you see in most of the bars? Very very few, with a few exceptions.

Posted by: guest at January 15, 2008 10:23 AM

"how many non-white people you see in most of the bars?"

Do Asians count? What about white foreigners and immigrants? There are a ton of those around.

This word diversity--I don't think it means what you think it means.

Posted by: guest at January 15, 2008 11:54 AM

according to princeton's wordnet, the definition of diversity is: diverseness: noticeable heterogeneity. fine, so i will say racial diversity. how is that?

slam me... but next few times you go out, do a little count in your head. and then add up those numbers. and then try to twist and manipulate them to equal some sense of diversity.

Posted by: guest at January 15, 2008 1:45 PM

what's all this celebration of stores and amenities in "the new" Williamsburg? All I see are bars and boutiques full of faddish overpriced clothes for skinny girls with too much disposable income. I have yet to see a decent grocery or a shoemaker or anything that is a true service. Price gouging Korean food stores don't count and there aren't enough of them . There used to be a decent fruit/vegetable place and a Polish butcher on Bedford - gone now and nothing decent has taken their place.

Posted by: guest at January 15, 2008 2:08 PM

williamsburg is selling really well - i see it from personal anecedotal experience - 2 apts in my condo bldg were sold in less than a year after the people had bought - one went in august for 15% more than the original price and the 2nd went this fall for over 30% more. also, i have heard from a friend who is an investor/broker in the nabe and according to him, anything within walking distance to the Bedford L is still selling really well.

i have lived in several manhattan and brooklyn neighborhoods, and i love williamsburg. think the haters just don't know the hood which is fine, but everyone i know (which is like 40+ people) living in williamsburg swears they would never leave.

listen, this bldg will sell at list or not, but really, if you don't know the neighborhood, then, why post? my upstairs neighbor is 26 and bought a one bedrom for just under $900K. so, it does happen. lots and lots of people with money out there who love the williamsburg vibe. not everyone wants to live in park slope.

hey 2:08 - are you blind?? for food: how about: sunac, Tops, millenium? are you joking? food shopping is terrific. and the stores and salons are marvelous. maybe too creative for you, but excepetional. wonderful buyers have staked their entrepenurial claim in williamsburg and have opend boutiques that are getting national attention. sounds like you are jealous and not fab sorry.

also, the whole diversity thing is STUPID! lot's of gentrified areas are full of mostly white people - um,. no shit! there are no projects in williamsburg proper, so sorry, lots of white people - how awful! fuck off if you don't like white people - your problem you racist.

think that the brownstoner audience is a bunch of uglies, so of course they don't care about being cool. go back to your dull souless jobs and leave the cool kids alone. you are not invited!

Posted by: guest at January 15, 2008 11:02 PM

I don't see how anyone can dispute the convenience of one stop from Manhattan. Everywhere you look buildings are going up in this neighborhood and there's a reason. It's desirable area. As for the oil deal, flipper babies is an asinine comment that's laughable and written by someone trying to be cute. This thing is 1% legitimate concern and 99% hype and scare tactics and is immaterial to smart buyers. Anyone who wants to live in a great neighborhood where you can still park your car on the street - for now anyways - have a park one block away, great stores and restaurants, and still get to Manhattan in 10 minutes, Williamsburg is ideal. All yoga gardens aside, of course.

Posted by: guest at January 17, 2008 3:22 PM

"Whoever pays $845k (or,700k or 500k) for a condo in that neighborhood is in for a serious shock."

I agree. The shock will be when I sell the place I bought for 500K for 750K in a few years, and make 50% return on my investment.

Posted by: guest at January 18, 2008 10:31 AM