From left: 360 Smith Street, 73 Pineapple Street, 303 East 51st Street, Beekman Tower and 189 Schermerhorn Street

From the February issue:Hundreds of dormant construction sites still dot the city, but a
handful of these beleaguered projects are finally seeing new life –
even if it’s not what was once dreamed of for the location. Those that
have seen some type of resolution were able to do so by selling off
their debt at steep discounts, slimming their construction costs or
setting their sights way lower.
This month, The Real Deal tracked down 20 stalled projects
that have seen some type of resolution within the past several months
(see chart after the jump).  [more] [more]

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]

Dewey & LeBoeuf has named Stuart Saft the head of its global real estate practice. Meanwhile, Williamsburg condo Warehouse 11 announced its grand opening, Fort Greene Park got $300,000 for renovations, a 34,500-square-foot Bronx facility closed for $4.5 million, city housing got a $20 million federal injection, and Long Island City development L Haus partnered with Edible Queens magazine to host a free winter party. Click here for more. [more]

Factory Lofts (left) and the Metropolitan in Williamsburg

The inventory of new apartments in Williamsburg could double next year,
which industry experts say puts more building foreclosures on the
horizon. An estimated 2,818 new apartments will have entered the Williamsburg
market by the end of this year, according to data compiled by
residential brokerage firm Aptsandlofts.com. Next year, 2,766
apartments are expected to come to market, the company data says. Prior to the economy tanking last September, such figures would have
been viewed as evidence of a healthy North Brooklyn real estate market.
Now, they are met with trepidation. [more]