It’s settled!
The block-long 120-unit condominium behemoth known as Warehouse 11 is back from the brink of bankruptcy.
Developer Isack Rosenberg and his partners in McCaren Park Mews, who defaulted on their $50-million mortgage to Capital One Bank last summer, agreed in bankruptcy court late on Wednesday to a deal that would leave them only owing $35 million to the bank.
The developers hope to recoup that money by selling the remaining 36 units in the luxury building at the corner of on the N. 11th and Roebling streets. Sales had stopped for a few months during the bankruptcy proceedings — but the building’s broker believes that the remaining apartments will sell briskly now that it’s clear who owns the building.
Taken alone, the rise, fall and possible rebirth of Warehouse 11 is a typical story of a building gone bust in a down economy. But within the larger context, its struggles are significant. Rosenberg, after all, is moving to develop an even larger 801-unit waterfront property that is facing strong resistance from community leaders, including Councilman Steve Levin (D-Williamsburg), who has vowed to halt the project in Council.
Rosenberg and his supporters insist that the Warehouse 11 debacle has no bearing on his future waterfront plans.
When asked for comment after the hearing, Rosenberg wished this newspaper “a healthy and happy Passover!”
