Price Cuts Lead to Feeding Frenzy at Warehouse 11
Evidently if you price condos at $550 a foot in prime Williamsburg they will sell. That’s the lesson from last week’s open house at Warehouse 11, the 120-unit, Karl Fischer-designed condo that’s staging a remarkable turnaround. Earlier this month, aptsandlofts.com relaunched the building’s sales process by slashing average asking prices from over $700 a foot…
Evidently if you price condos at $550 a foot in prime Williamsburg they will sell. That’s the lesson from last week’s open house at Warehouse 11, the 120-unit, Karl Fischer-designed condo that’s staging a remarkable turnaround. Earlier this month, aptsandlofts.com relaunched the building’s sales process by slashing average asking prices from over $700 a foot to the mid-$500s (with some as low as $450). Last night was the first time buyers could step up, and step up they did. According to a NY Post article today, 34 offers at full asking price were accepted last night (while another 20 or so below asking price were rejected); thirty people were lined up ahead of time to get in the door first. Don’t get too excited though—at some unknown milestone, prices are going to be raised again.
Open Fire [NY Post] GMAP
34 Accepted Offers in One Night [Curbed]
20% Off at Warehouse 11 [Brownstoner]
Warehouse 11 Seeking a Savior [Brownstoner]
11217 — Chinatown is for chinese, Astoria is for italians, brighton beach is for the russians… and Park Slope is for the rich white folk. Much simpler. Who gets East New York and Brownsville? Borough Park?
I AM the peasant class, Rob. I work in the arts. I bought my (small!) apartment by myself with no help from parents or a trust fund, I save money, work hard and do my best to keep my street clean.
Your comment per usual is immature and ignorant.
“As for the rest of your comments about the wonder and beauty of a ghettoized New York City… well, I’ll skip that.”
Apparently I skipped that too, since I have zero idea what you’re talking about.
tyburg, 11217 has made it very clear he doesnt want to live around the peasant class. that’s one of the reason i decided to move to park slope. to show people like him WE AINT GOIN ANYWHERE! GET USED TO IT!
::flicks ciggie butt on stoop::
*rob*
You make most excellent points, newsouthsloper.
It’s far short of communism… just trying to point out that real estate has broader implications than just the individual buyer/seller. And many of which may bite you on the ass in the future.
As for the rest of your comments about the wonder and beauty of a ghettoized New York City… well, I’ll skip that.
Bahn Mi guy can work at the muffin store in Jackson Heights if he wants. Maybe the Manhattan store pays a bit more and is worth the commute.
Bottom Line – If everyone could work close to their job, regardless of profession or income level, every city in every state would contain the same number of people with the same distribution of wealth.
The reality is people come here because there is more opportunity, higher paying jobs, a larger pool of educated and talented people an employers that want to tap that pool. If it were as simple as everyone gets to work and live in the same proximity and for the same pay, cities would not exist.
“A 2+ hr daily commute to work as a $34k secretary is not a symptom of a healthy city.”
Says you.
Perhaps said secretary is grateful for her job and grateful to have the opportunity to live in a city she loves.
Not everyone is as hung up on owning a home as you seem to be.
Tyburg:
So basically what you propose is nothing short of communism.
That’s cool, but that’s just not how this country works.
I think it’s great that the Bahn Mi guy can work and live wherever he wants and can afford. It’s called capitalism mixed with “survival of the fittest.”
It’s funny…cause I bet the Bahn Mi guy has no desire to live near me in Park Slope anyway…I bet he’s much happier in a neighborhood not filled with “yuppie scum” and “the stroller mafia.”
Bird of a feather flock together. Its’ why we have Chinatown, Brighton Beach Astoria and many other neighborhoods where people of likeness have chosen to live near one another. Something tells me the Bahn Mi guy making 9 bucks an hour would hate Brooklyn Heights.