The SteelWorks Lofts

it looks like these are going to market early october. they just had an update on curbed. decent location and the finishes look nice. now lets see where they price them.

http://curbed.com/archives/2008/09/26/burgs_steelworks_lofts_revealed.php

I wish I could confince my signif other to look at these seriously...she's not into the distinct look but the website is up and I think they look cool.

Apparently they're suspending sales until spring.

http://www.nytimes.com/2008/12/07/realestate/07deal2.html

hey all. word is they can't get the funding they need and are going to have to "suspend" as dj pointed out

Wow, how unfortunate for them... I guess they really missed the boat, and I hope they will find a good way to minimize the loss (both financially and environmentally).

I personally believe you have to be nuts to be buying in Williamsburg or Long Island City or Jersey City right now. If you don't want to be in Manhattan, better to move to Nassau or Bergen or Westchester.

The article has Halstead quoted as saying "This isn’t the sign of collapse; it is a sign of a prudent business plan,” he said. “Buyers aren’t feeling urgency right now, which is why we are making a wise decision to hold off. We are suspending sales for now.”

The reason is not that buyers are not feeling the urgency, the reason is buyers have no money.

No Money = Collapse

So what happened to this place? Spring has come and gone, and sales office was repo'd.

The website seems to now be gone.

This is a 5th Square Partners development, but it seems to have disappeared from their website, although it is still listed on the architect's site.

Is this one suspended or dead?

Any info on SWL?

I drove by the bldg. recently, and the construction has clearly stopped.

Not surprisingly, Halstead is acting as though the SteelWorks project never existed. It has removed not only the bldg. website but also all literature on this bldg. from their company website. Incidentally, I think they are doing/about to do the same w/ other developments that didn't work out. "+art" on 28th Street, in my opinion, would be the next one to vanish from their list of "accomplishments," as the bldg. was a BAD, bad idea from the get go.

My secret wish is for the higher quality buildings like 80 Met/Edge/125N10th to cut prices and sell out so that this puppy can come back to market. If that happens, hopefully Avroko will still be pimping out the interiors for my unit. Wishful thinking?

http://www.apartmenttherapy.com/ny/real-estate/smart-space-by-avro-ko-002753

Looks like this is coming back as rentals. Given what's happened with other factory conversions in the area, I think it would be a surprise if this didn't rent out fairly quickly, even at (what I consider to be) fairly high prices.

http://www.crainsnewyork.com/article/20101108/REAL_ESTATE/101109880

No indication that AvroKO will be involved. Too bad!