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]
lol everytime someone dare mention park slope and it’s ridiculously overpriced housing, 11217 always pulls that ridiculous factoid out. we get it 11217. please try hider to mask your obvious insecurities.
*rob*
“I don’t get it Brokedeveloper?
Is everyone who makes a moderate salary entitled to live in the most expensive neighborhoods in the borough?”
Not in my opinion. I was just simply stating that your comment on the teacher having to move further and further away was exactly the phenomenon Ty was describing. From Manhattan to Park Slope to Kensignton to Bay Ridge to Newark.
“Warehouse 11 doesn’t have FHA status do they?”
no – they don’t qualify for some reason. someone stated it in the last W11 thread.
quote:
I hope they continue wanting to commute 1-1/2 hrs each way to make your Bahn Mi sandwich.
oh snap! that was good hahahhaha
*rob*
“Brooklyn Heights ONLY RECENTLY has become a “rich only” enclave! Same with Park Slope.”
From Wikipedia:
“The 1890 census showed Park Slope to be the richest community in the United States.”
You just don’t know what you’re talking about all the time Ty. Love you, but you don’t.
11217 is like a live in maid in beverly hills who calls up all her friends and family in guatemala and brags to them about living in beverly hills.
*rob*
that FHA crap has to go. it’s nothing yuppie welfare!!!! that people who pay taxes but still can’t afford to buy are supporting. GRRRRRR! tho i do find it hysterical how obama has now made it possible for the middle class to be welfare leeches just like the lower class and upper class have been forever
*rob*
I don’t get it Brokedeveloper?
Is everyone who makes a moderate salary entitled to live in the most expensive neighborhoods in the borough?
11217 — and yes, these are the “most desirable areas of Brooklyn” but it’s not fair to compare them to BelAir or whatever. Some of NYC’s charm is that no neighborhood is really exclusive like that… but that seems to be shifting… fast. Property prices are getting jacked up and rents are going with them. Simple as that. Brooklyn Heights ONLY RECENTLY has become a “rich only” enclave! Same with Park Slope.
I just foresee bad things if this continues. Everyone bemoans the “anywhere USA-ness” of the UES etc. But, only the Gap, Armani Exchange and Chili’s can afford the rent. And the rich people in their $800,000 studios don’t want a tattoo parlor.
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.
Oh. And $300,000 (plus monthlies) is affordable? That would require about $45-50,000 salary just to pay for roof over your head. Never mind your other family expenses.