Warehouse 11

A U.S. Bankruptcy Court judge rejected on Friday a settlement agreement
that would have extended until next month the deadline for the
developers of Williamsburg’s Warehouse 11 to buy the property’s
discounted debt from lender Capital One. Under the original agreement, which still stands unless an appeal next
week is successful, the developers had until Dec. 21 to find an outside
investor who would purchase the $50.8 million note at an undisclosed
discount. Otherwise, Capital One could resume shopping it to an outside
party. The 120-unit condominium at North 11th and Roebling streets appears to
be the most valuable asset one of the developers, Isack Rosenberg, has
an interest in out of at least six under siege by 10 creditors in
Brooklyn’s bankruptcy court. Rosenberg had hoped to use any profits from selling the condos toward
settling his other debts, which have as collateral a lumberyard and
adjacent warehouse on Kent Avenue; the rental portion of Olive Park in
Williamsburg; a banquet hall on Flushing Avenue; and a home renovations
center in Boro Park. [more]

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]