David Maundrell, founder and president of Aptsandlofts.com, and Warehouse 11 at 214 North 11th Street

It may be a race against the clock at Warehouse 11, the Karl Fischer-designed condominium at 214 North 11th Street in Williamsburg, where nearly 60 contracts have been signed in the last two weeks, at less than $600 per square foot, according to Apartmentsandlofts.com, which is handling sales for the building. A spokesperson for Apartmentsandlofts.com said the price slashing is due to market conditions, but a source with knowledge of the situation said the fire sale marks an effort to ratchet up cash before a lender-imposed March 31 cut off date. Developer McCaren Park Mews LLC initially faced a Dec. 21, 2009 deadline to buy back the debt, according to bankruptcy filings. But, the developer had been “able to renegotiate terms with the bank,” the spokesperson said, and extend the closing deadline to March. The offering plan attorney, Abe Lowy, confirmed that there was a deadline extension on a bank-developer agreement but would not elaborate on the terms of the agreement. [more]