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Call it the comeback condominium of the year!
Williamsburg’s Warehouse 11 has emerged from the brink of bankruptcy earlier this year to sell out 92 percent of its 120 units by Thanksgiving.
Broker David Maundrell, attributes the popularity of the building at the corner of on the N. 11th and Roebling streets to a combination of two factors — its proximity to McCarren Park and the L train, and prices that are comparatively lower than other recently built condo buildings.
“There’s value for this location,” said Maundrell of the real-estate firm Apartments and Lofts.
Built in 2006, one year after the neighborhood was rezoned to allow large condominiums near the waterfront, the seven-story residential complex arrived at the height of Williamsburg’s housing boom, but got off to an inauspicious when contaminated oil was found underneath the ground and had to be cleaned up.
The building started out with prices ranging from $399,000 for studios to $715,000 for a penthouse duplex, but its financing floundered and its developers wound up making several trips to bankruptcy court to stave off foreclosure.
And then there were the rumors on real-estate blogs.
“The most unfortunate rumor was that we didn’t have the rights to sell apartments,” said Maundrell. “We always had the right to sell apartments.”
Now, Apartments and Lofts has sold 99 units and signed contracts with future owners for another 11 condos.
The building’s amenities include which include a common roof deck and courtyard, gym, yoga room, recreation room, and a concierge and doorman. And since construction, an array of restaurants, bars and shops have opened up on nearby Driggs, Union and Metropolitan avenues, adding to the building’s allure.
According to Maundrell, 90 percent of his clients are first-time homebuyers, and about 40 percent of the building’s owners are from the city while another 40 percent are moving from other parts of Brooklyn.
“The rezoning solidified the growth in Williamsburg, a great neighborhood one to three stops from Manhattan with substantial parkland and new parks are being created,” said Maundrell. “People still want to be in Williamsburg.”
©2011 Community Newspaper Group
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