Warehouse 11 developer exits Chapter 11

One of the developers of Williamsburg’s Warehouse 11, the 120-unit luxury condominium at 214 North 11th Street, has exited Chapter 11 bankruptcy protection. The deal cut down the debt load of developer Isack Rosenberg and his partners at McCaren Park Mews to $35 million. The partners, who defaulted on their $50 million mortgage with Capital One Bank last summer, hope to pay off their remaining balance through sales of the remaining 36 units in the Karl Fisher-designed building. Sales had come to a halt during the bankruptcy process, but relaunched with verve in January as the developers slashed prices and raced against the clock to raise cash by a lender-imposed deadline. Aptsandlofts.com, which is marketing the building, expects the remaining units to go quickly now that the developers have worked through the bankruptcy. [Brooklyn Paper]