Brooklyn apartments that their developers sold in fire sales during the housing crisis are now bringing top dollar, the New York Post reported.
Units in buildings that faced foreclosure or saw their construction loans dry up are re-selling at almost twice the price. For instance, the units in Williamsburg’s Warehouse 11 went for about $500 per square foot in 2009, David Maundrell of Aptsandlofts.com, who brokered the sales, told the Post. Today, those units are going for about $900 per square foot, he said.
Other buildings seeing price increases of nearly 50 percent include the Downtown Brooklyn’s Be@Schermerhorn and Fort Greene’s Forte.
“People are feeling good about the economy, and the interest rates are still low,” explained Rhoda Dunn of the Corcoran Group, who brokered sales at Be@Schermerhorn. “There’s demand and little inventory.” [NYP] –Guelda Voien