Burg's Warehouse 11 Seeking a Savior
Curbed found the Massey Knakal listing for Williamsburg’s mammoth Warehouse 11, the failed Karl Fischer-designed condo. The development’s lender has started foreclosure proceedings against its builder, and Curbed notes the bank is still owed a whopping $50,766,000. On the bright (?) side, “if taken rental [the property] could expect to generate around $4.1 million in…
Curbed found the Massey Knakal listing for Williamsburg’s mammoth Warehouse 11, the failed Karl Fischer-designed condo. The development’s lender has started foreclosure proceedings against its builder, and Curbed notes the bank is still owed a whopping $50,766,000. On the bright (?) side, “if taken rental [the property] could expect to generate around $4.1 million in gross annual income.” GMAP
It will suck to live here by July 2009, as trucks will be detoured off Kent ave & up and down both sides of these condos.
http://www.nyc.gov/html/dot/downloads/pdf/kent_ave.pdf
DH, good for you. I actually moved out of Williamsburg because the morning commute was driving me and my wife nuts. My blood pressure is 10 points lower nowadays.
Whats the impact for those already in contract?
The “right” price? hard to say. I wouldn’t be surprised if it goes for 60 to 70 cents on the dollar.
The L train is much improved since they implemented the new computer system. That being said, dittoburg is right, once all these units come on line, it might get a little tight.
Capital One is looking to sell the loan, anyone has a clue on what’s the “right” price?
“already sardines-in-a-can L train is going to have to go Dehli-style with half the passengers on the roof or holding onto the back, briefcase in one hand. Might not work with the tunnels though.”
Am I the only one who thinks the L train isn’t that bad? I got on at Lorimer this morning at 8:45 and got a seat.
If they do fill these up, and Northside piers, and the Edge and all 100 other projects, they already sardines-in-a-can L train is going to have to go Dehli-style with half the passengers on the roof or holding onto the back, briefcase in one hand. Might not work with the tunnels though.
I would think that any contamination would have to be abated before construction began.