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]
I have 1 friend who is teacher and lives in very nice house in Forest Hills (not FH Gardens but on edge) and another who is teacher but not even public school so makes less who lives in new construction in SunsetPk duplex with huge terrace and garage that I envy.
You’re using other city’s traffic problems to justify why it’s pleasant to commute 3-hrs a day on the subway?! Really?!
What about living in a very dense urban environment and actually living NEAR where you work?! How’s that for a crazy thought?!
“It’s called hard work, patience, compromise…things that people who move here from other countries seem to know lots about but those who are born here seem to have no clue. ”
I think there are a lot of teachers and firefighters that would be pretty offended by your statements.
Gawd 11217… Again. Not Entitlement. It’s a question about a HEALTHY CITY. You are arguing that it is appropriate (and maybe desired) that our public servants cannot afford to live in huge swaths of the city. Basically 3/4 of Manhattan and at least 1/2 of Brooklyn. If you work at City Hall, you should be happy to commute an hour from Jackson Heights or 1-1/2 hours from who-knows-where outer Queens… hopefully you get to take 3 different buses! But it’s OK because you have an unlimited Metro card.
“I’m glad you find commuting on subways and busses for hours and hours of your life so charming.”
I love the subway. When I lived in Phoenix, I spent an hour in the car each way to work (to travel 6 miles).
When I go to LA for business it takes me 2-3 hours sometimes to get from Newport Beach to downtown LA. Should take 40 minutes without traffic.
Yes, I do find mass transportation quite “charming” and am glad to not own a car again for the rest of my life.
btw, yes. I think studios are ridiculous. But not 1-bedroom. That’s what I live in. And I’m more than happy with the size. I’m just on the verge of being “priced out” of my neighborhood and on my way to far away lands. I’m glad you find commuting on subways and busses for hours and hours of your life so charming.
No… 11217, there is no “entitlement” — but there is something called reasonableness and recognizing that real estate prices “price people out”. If the only wages that are tracking the absurd real estate market are the “young professionals” and other folks in a tiny segment of the population, you don’t think this adversely affects the city?
I own a little shop in a desirable neighborhood (a shop that you value and would hate to see close)… it doesn’t seem odd that I would have to live 1-1/2 hrs away to have the privilege of making you a sandwich or cleaning your suit?
And of course, I rent (because I’ve put everything into my little shop). Let’s look at the process… So, I get a place in Kennsington. But then the houses start selling for $1.5 million… so my rent goes up. So I move to Flatbush. Same thing happens. So I move to Dyker Heights… damn, that didn’t work. OK. Brighton Beach then and 1-1/2 hrs to my shop. I guess I should move to Newark. The commute is faster.
But brokedeveloper,
My example was someone leaving a 1 bedroom in Park Slope for a 2 bedroom in Kensington. NYC is all about compromise and if you want more space, you move farther out. Some would prefer to be in the area they want to be in and live in a shoebox and some would prefer to be farther out and have more space.
I have a feeling most people who CHOOSE to be teachers and firefighters in this city don’t don’t that their 50K a year salary is going to buy them a 2 bedroom in Park Slope.
Ty makes it sound like these people were forced into said career. Most are aware of the salary, aware of rent and housing prices and don’t have such an entitled view as Ty does about what he should and should not have when he wants it.
It’s called hard work, patience, compromise…things that people who move here from other countries seem to know lots about but those who are born here seem to have no clue.
“I’m glad you want everyone that makes less than $150k to live in Jackson Heights and Ozone Park. That does simplify things. I hope they continue wanting to commute 1-1/2 hrs each way to make your Bahn Mi sandwich.”
Actually this is a silly comment. Lots of people (myself included) make less than that and have just decided to opt for their neighborhood of choice and sacrifice on space.
It’s called living in what most consider the greatest city in the country…gotta make some compromises. As I’ve said, not everyone is like you and think that 1 bedrooms are below them. Most New York City residents live in 1 bedroom apartments.
You seem to want/think/hope that you’re someday going to get a 4 bedroom 2 1/2 bath home in your NYC neighborhood of choice for 250K and it’s just so naive.