Development Watch: 349 Metropolitan Avenue
Things haven’t gone too smoothly at 349 Metropolitan Avenue, the 35-unit development on Williamsburg’s Northside. Most recently, the site was shut down because the work crew started spraying the building with some kind of retardent without taking any precautions to protect neighboring properties. But the property first gained notoriety back in January when the developer…
Things haven’t gone too smoothly at 349 Metropolitan Avenue, the 35-unit development on Williamsburg’s Northside. Most recently, the site was shut down because the work crew started spraying the building with some kind of retardent without taking any precautions to protect neighboring properties. But the property first gained notoriety back in January when the developer tried to save a few bucks by not getting a big enough crane lift some heavy sheet metal. The result? The small crane toppled over under the load. Then in April blogger Brooklyn 11211 noticed some less-than-confidence-inspiring construction techniques. “This type of stuff shouldn’t happen anywhere,” he noted, “But it’s particularly disturbing on a major thoroughfare like Metropolitan Avenue.” Ultimately, this place will have 50,000 square feet of space over seven stories.
A Crane Falls in Williamsburg [Brownstoner] GMAP P*Shark DOB
Out of Plumb on Metropolitan [Brooklyn 11211]
from another 349 thread elsewhere on brownstoner:
was a buyer but got out thankfully. looks like the developer went bankrupt. the facade is literally falling off the building with pieces of ‘elegant jerusalem stone’ smashed on the sidewalk. i guess some other developer will have to come to the rescue on this one but it’s a train wreck. i don’t even feel safe walking in front of that building let alone living in it
game over man, game over
i have to imagine everyone has gotten out of their deals by now? although january was pretty stressful for a minute, i ultimately had no trouble when i asked for my money back and in the end feel very lucky
This is for Mr X and Asac. I’m a journalist working on a magazine story about real estate in Williamsburg. Would either of you be willing to talk to me about your experience with 349 Metropolitan?
In November 2008, the sponsor’s attorney suddenly scheduled closings for Jan 2009. On Dec. 11, 2008, the attorney “adjourned” the closing “to a future date within approximately 90 days from today.” The following day, Eric Heras of Corcoran mass e-mailed a “Purchaser Weekly Update” to “Dear New Owners,” saying they had “pushed a realistic closing time frame forward approximately 60 to 90 days. There is a potential to begin as early as mid-January. . . .”
If you go to this Web site (http://www.corcoran.com/property/nd/detail_overview.aspx?ndevid=366) Corcoran is sill advertising the property in rosy terms. At this address (http://www.corcoran.com/property/nd/detail_listings.aspx?ndevid=366), they list all of the units with asterisks indicating that each unit is under contract at original prices, even though prices have declined by a quarter in Williamsburg!
The purchase agreement states under 9 that “If the Plan is abandoned or does not become effective within 12 months from the date of presentation and is not extended” (this “drop-dead date” was Jan 2, 2009) you are due to be refunded “not later than ten days thereafter. [sic] in full, all monies paid. . .hereunder. Upon such repayment no party shall have any claim against. . .the Sponsor, the Seller, or the Agent.”
This wording suggests (consult your attorney) that, if you haven’t received your refund within 10 days of requesting it, then you can pursue the Agent (Corcoran) as well as the Sponsor for your deposit. Under any circumstances, I wonder how this affair affects the credibility of the Corcoran Group in any of its dealings.
I was the other contract left, for the studio. I just asked for the deposit back after the string of BS coming from all sides on this. Did you close on the your unit?
THIS building will rot standing unused, we got sucked into a purchase and unable to get our deposit back…. buyers be advised we are in troubles….
the developer will never finish this building- out of money and in default of loan.
to dxm: the unit was purchased with cash and another sucker down the line….
closing is scheduled for 1/09 as far as i can tell. according to brownstoner (http://bstoner.wpengine.com/brownstoner/archives/2008/08/checking_in_on_12.php) one unit has already closed. not sure how this is possible without a certificate of occupancy
anyone know when this closes?
DOES ANYONE HAVE ANY IDEA WHEN THE EXPECTED CLOSING IS?
Please finish this building already! it is such an eyesore looking like this for so long.