Architect Karl Fischer and the Continental at 185 South 4th Street

Capital One bank filed an early foreclosure notice for $18.6 million against the Karl Fischer-designed Continental building at 185 South 4th Street in Williamsburg Aug. 29, Curbed reported. Developed by Brooklyn’s Isaac Hager, the project was originally planned as a condominium, but went to market as rentals in 2009. The 46-unit building has a gym, storage, laundry room, roof terrace and lounge, all of which were rare amenities in Williamsburg when the building launched. It even has a part-time doorman. There are currently two rental listings at the property, a one- and two-bedroom apartment for $2,750 and $3,750 respectively, according to data from Streeteasy.com. The Continental is not the only Fischer building to have found itself in financial trouble of late. The 12-story, 20-unit Fischer-designed building at 480 Humboldt Street, known as SkyHigh, found itself at a bankruptcy auction earlier this year. [Curbed] [more]

Citi-Spaces yesterday closed one of its four offices, according to
company founder Israel Horowitz, who squelched pervasive rumors that
the 60-agent company is folding. “I never thought of closing,” Horowitz said, adding that he, too, has
heard rumors of the company’s shuttering from agents interviewing with
the residential sales and rentals brokerage. The perception is so
widespread, he said, that four different firms have approached him in
recent months with offers to buy or merge with Citi-Spaces. “I was considering it, but a merger didn’t make sense,” he said. “What
made sense was to get rid of the office that was causing the headaches.” That office was Citi-Spaces’ East Village branch at 174 Second Avenue,
between 11th and 12th streets. The 27-agent storefront branch opened
eight months ago, just as the city was descending into the financial
turmoil, at a rent reflecting the previous hot market, he said. [more]