Long-stalled condo, rental in Williamsburg trade for $10.5M

TRD New York /
Aug.August 30, 2013 05:20 PM

A Williamsburg condominium and a luxury rental building, both developed by a company that faltered during the recession, traded together for $10.5 million to an undisclosed buyer, public records show.

The buildings, at 203 and 205 North Eighth Street, sold to an entity named 203-205 North 8th Street Loft LLC. The developer was IVIZ, which does not list a telephone number or have a website. Across the street from the 2,500-square-foot buildings is boutique clothing retailer Oak, which sells hooded sweatshirts for $140.

No units have closed at the long-finished 205 North Eighth, which is called the Bedford although the condo is between Roebling Street and Driggs Avenue, a few blocks down from hip Bedford Avenue.

The 10 “loft-like” homes range in asking price from $625,000 to $319,000, according to StreetEasy, and have Brazilian teak floors and porcelain-tiled bathrooms. The 203 North eighth property had offered apartments in the $4,000-per-month range, although were pulled off the market two years ago. The Department of Buildings shows no certificate of occupancy was ever issued for the building.

IVIZ had trouble with other projects, Such As 195 Classon Avenue in Clinton Hill. The Classon condos became so-called nondos, or, condos that had to be rented out because of a lack of demand.

Last January, Occupy Wall Street protesters threw a party at the empty but ritzy Bedford, a symbol to them of the excesses of uber-gentrified Williamsburg. A fight that broke out ended with the arrest of four of the party-goers; six police officers who tried to control the crowd sustained minor injuries.

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