Once-distressed Williamsburg condo sells out

March 31, 2011 04:15PM

Warehouse 11 and Karl Fischer

Warehouse 11, the Karl Fischer-designed Williamsburg condominium that once looked to be on its way to poster child-status for the neighborhood’s boom and bust, has sold out, a little over a year after its brush with foreclosure.

Brooklyn-based brokerage aptsandlofts.com told The Real Deal today that the last remaining apartment at the 120-unit building has just gone into contract, wrapping up an ambitious sales effort that began on the heels of a bankruptcy filing by the developers.

After sales stalled in the spring of 2009, the project, located at 214 North 11th Street, aggressively relaunched in January 2010, with fire sale-type prices as low as $450 per square foot.

At the time, sources told The Real Deal that the price-cutting strategy was part of a race against the clock to raise cash by a lender-imposed deadline, and indeed, nearly 60 contracts were signed within two weeks. Two months later, one of the developers exited Chapter 11 bankruptcy protection, cutting down his debt load in the process.

By mid-November, the project had been officially revived, with 79 units having closed during the year, making the building New York City’s third-best selling of 2010, according to PropertyShark.com.

The project contains studios and one- and two-bedroom units with prices ranging from around $500,000 to $700,000. TRD