Warehouse 11

Where is that?

11th & roebling about 6 blocks from the bedford stop on the L train. i checked it out this past weekend and was impressed. the design includes well thought out floorplans, and the appliances and finishes are good high-end finishes from what i could see. the layouts are good too and some units have nice park views. i'm still looking at a number of buildings but this one is one my short list. plus so far i've had a really good experience with the listing agents, particularly alex and brad, who are informative but not pushy like other seller's agents! nonetheless with so many good choices its hard to decide...

I considered Warehouse 11 and communicated with Brad. Seems like a nice agent. But what ultimately turned me away from this property were the unknowns around the oil found during the initial stages of construction. I never followed up and would be interested to know how aptsandlofts is responding. I'm sure a level of confort was reached in order for builing to continue. But who knows if this is a long term issue? The price points seem reasonable at this property.

Really nice building from their brochures and prices seem decent. Not sure about the oil issue either which turns me off also. The largest oil spill in US history (actually much bigger than the Exxon Valdez) happended in Greenpoint in the 1950s and has still not been completed cleaned. I read that this related to that spill.

I read somewhere that the oil was from a leak in a nearby building. Does anyone know what the truth is or where to find it? Does anyone know how it was cleaned up? Whether they removed all the soil or placed a protective layer over it? Thanks in advance.

From what I've read, they put a protective "membrane" over it. Chances are, it's ok, but do you really want to take that kind of risk with such a huge investment? There are other condos out there...

bjw, I agree with you on that one. I definitely would not feel comfortable if there was just a membrane over it. BTW, I sent you an email about the unabated taxes. Did you get it?

According to curbed.com it does relate to the Exxon spill that still hasn't been totally cleaned. I asked my broker about it this morning and she indicated the building does have an environmental report from New York state addressing and apparently clearing the issue. She guessed you would get this as part of the offering plan. I'm going to look at it this weekend, but I agree with Fedup and Bjw though that there are enough other developments in the area without this risk.

fedup, I got it, just been too busy to even sit down at home for 10 mins. Will get that stuff over to you tonight, promise!

Plans have been filed for a building next door:

http://curbed.com/archives/2008/03/05/roebling_oil_field_expanding_to_the_west.php

fedup can you send me that tax info? I heard from another broker that the common charges go up after you buy. Any other thoughts on this dev? I feel like the 1 bdrms are a good value.

any other thoughts on this building?

i spoke to a friend who said he heard the construction quality on this building was poor. you're now hearing this 3 people removed so take it for what it's worth. the pricing looks reasonable given the area and proximity to the park.

i'm not sure on completion date though. i think once this comes on line, along with all the other inventory, the sponsor might be willing to negotiate on price.

looks like a nice building and close to the subway, but only 9 in contract out of 120 since sales started in January. anyone with insight? i take it prices must come down along with the rest of williamsburg, but I'll concede it seems priced in line currently...

edit: 9 recorded sales and 53 available listings at aptandlofts out of 120. sorry for confusion

I saw apts there. I actually thought quality was fine. I didn't like the refrigerators in the kitchen but no biggie. I think since it is interior w-burg and a little bit of a walk to the subway, it is priced a little high.

being near the park is nice and it has a few nice layouts.

that's good to know, there was some uncertainty about quality earlier on. i'm walking to the subway on google maps as we speak :) doesn't seem like the walk is too bad. i wonder if you had the pick of the lot, what spot in williamsburg would be considered ideal. my guess would be towards bedford on 6th or 8th street to not be directly on the subway...

freewilly, IMHO the best blocks in Williamsburg are between North 3rd and North 10th, ideally along Berry or Wythe. Kent will be nice, just not there yet, and Bedford is too loud to actually live on. That's a relatively small area, but it's pretty quiet, has some really nice blocks, close to the train and all the amenities you'll use most frequently. Not surprisingly, this is where you'll find the highest ppsf.

I have a preference for being on the water with a view of Manhattan. However, it is a different product and priced her psq than, all else being equal, things further inland.

It's not a far walk just a little further than others so I am just trying to compare apples to apples.

I think it would be a nice place to live but, again, wouldn't pay the price they were asking. It may be better to wait it out to see if you can get a lower price as the market remains week, if you are intent on buying here.

Otherwise, I encourage you to look at all the other devs in the area and find the one that you like best. My fiancee and I have visited several and I think this helps you to gain perspective on the positives and negatives of each building and unit.

i like this building a lot - the parking garage and the unobstructed roof deck views of the skyline are unique. The ground floor/cellar duplexes are really nice in my opinion- especially the ones facing the rear (not street-side) as many of them have 2 levels of outdoor space and nice layouts.
I like that it's a block from McCarren Park dog run and 4 blocks from L train Bedford stop (Driggs side).
Hopefully theyll sell enough units to activate the doorman and gym!

the view of manhattan sucks. you just see a bunch of housing projects and other old grimy buildings.

rufus, you have no idea what you're talking about here. This building isn't very close to the waterfront at all - I believe the better views from the building are over McCarren Park, which is pretty nice.

the views of the park are great and thus there is great un-obstructed views *(for now!) of manhattan skyline midtown

Can someone with more than basic knowledge please advise the number of units sold in this development and information pertaining to when the closings should start taking place. I need some real concrete data please in order to make a decision. I was told that the development is over 50% sold...

I would also appreciated knowledge pertaining to negotiability at Warehouse 11.

lr10021, I'm not writing this as a WB basher, but you should consider that this is a toxic site that had oil coming up from the ground during construction. There is a membrane supposedly protecting the building but that would give me very little comfort. Search "Roebling Oil Building" at curbed.com and ignore the snark. Good luck.

lr10021, I highly doubt they are over 50% sold (Streeteasy only lists 9 sold, though I'll admit their data are far from perfect). This is one of my least favorite developments in the area, and as tenemental said, there are too many issues and too many other options nearby for me to really consider anything there. FWIW, I also bought and live in WB.

I have bought a unit at Warehouse 11.
I searched all condos in the area, from LIC to Brooklyn Heights, for 5 months, and this development in my opinion trumps all others in terms of price and quality.

I was hesitant too, when hearing about the oil spill at this site. However there is NO MEMBRANE or protective layer over the soil. There were gallons and gallons of oil actually removed from the ground. Of course the site was cleared for construction. If you are still not convinced, or feel uneasy non-the-less, then you should not live in Williamsburg or Greenpoint at all. It is not only the Warehouse 11 property that was found to have oil content in the ground, it is the entire area.

In terms of how many units they've sold- 35-40%.

-Wburg resident

I have been looking at all of the Condos in the Williamsburg area and warehouse 11 seems to be the best condo for the price. My one concern though was with the total units sold. If one were to buy into the building and they dont fill the spots, then what happens?

Where are people hearing about the number of units sold. wburg_nyc said it is 35-40 percent. Others say 50 percent. Is there any official number or place where a person can find out the exact number without hearing it from a real estate agent who ultimately is trying to tell you what you want to hear.

Just went to visit Warehouse 11 this weekend. The broker there said they are 30% sold. Another broker at a different building confirmed that number. Look many banks are not giving loans to buildings less than 50% sold but can be flexible if the price is right. It seems Northside Piers dropped prices about 15% but with Goldman Sachs predicting a 40% decline in prices in Manhattan from peak to trough I am going to offer substantially less as this building has seen a 2% price cut. I do like the building and the finishes. It is also very convenient.

i went a while back with a friend who was looking. i think it's great. i live near there, and think that east of bedford is convenient and quiet. you can easily walk to get anything. and, i go to tons of stuff east of the BQE too - there's great shopping. there are still left over italian businesses like a bakery, butcher, fish shop and the best barber shop of all time on leonard. there's a great art store and some good restaurants and cafes. everything is also cheaper east of the BQE like nail salons and an excellent veg/fruit store on graham. also, i use the G train sometimes. if you have kids, you are also closer to 132 which is a very good school. remember too that mccarren is just a couple of blocks from warehouse 11. the pool renovation is on target to be completed by 2010. also, there's a gym on driggs and a new supermarket all just a block away. parking around roebling is pretty easy if you want to street park which i do. truthfully, when i saw it, i considered selling my place and moving there. this sounds like a sales pitch i just realized, but i have told a few people looking about it before this.
regarding the toxic site issue - it's simply not true. it's not toxic. they removed oil tanks and cleaned it up. it's a non-story. will not affect the residents. i think it was totally fabricated by robert at Curbed who hates anyone with enough money to buy a condo and trashes every single condo development that he can. he posts ridiculous crap all the time. ignore a lot of what he writes.

oh, i don't understand the subway comments? it's 4 very short blocks to get on the bedford L at driggs and N.7th. so, huh? and, the B61 goes down driggs right there to go south. and, oh yeah, the views of the water, bridges and city are killer from my building roof top deck, so i'm sure the views there are fine. also, unless your legs are broken, it's a very quick walk down to the waterfront.

Here are links to pictures of oil coming up through the ground at the site that became Warehouse 11. This should have never been allowed to be built.

http://curbed.com/archives/2007/11/29/roebling_oil_redux_warehouse_11_hits_the_market.php

http://curbed.com/archives/2007/02/20/drilling_for_oil_on_n_11th_street_in_williamsburg.php

http://curbed.com/archives/2007/02/09/brooklyn_oil_continued_roebling_edition.php

http://curbed.com/archives/2007/02/06/williamsburg_condo_site_still_giving_up_its_oil.php

http://curbed.com/archives/2006/11/16/new_williamsburg_condos_to_offer_free_oil.php

http://gowanuslounge.blogspot.com/2007/02/roebling-oil-field-attracting.html

http://gowanuslounge.blogspot.com/2007/02/ground-at-roebling-oil-field-still.html

http://gowanuslounge.blogspot.com/2006/11/for-your-pleasure-bonus-oily.html

yes, i live down the block, there was oil - but from oil tanks (of course!). do you have any information that's different? robert of curbed and gowanus lounge is half crazy.

tenemental,

Not sure I'd second that it should "never" have been built, but I do wish there were more info out there about the clean-up process and what's left (aside from the "membrane"). It's not sitting on some expansive, bubbling oil field, as Curbed might have you think, but it's still worrisome. I would definitely do some extreme due diligence before buying here, and as I said way back when, pretty sure you can find something else you'd like in the immediate neighborhood anyway. wisco, agreed about the Curbed writers.

wisco is a shill. I question his objectivity much more than Robert Guskind's. I was trying to avoid the subject of the Greenpoint/WB oil spill (as I said above, I'm not posting here as a WB basher), but when he says "Of course! it's from tanks" he's speaking as though there's no other possible explanation.

Perhaps I spoke too strongly when I said it should have never been built, perhaps not. An adult can do a little research, find all this out and gauge the risks for himself. To the extent that someone may raise children here, however, I stand by my statement.

that was probably the largest oil spill in US history (though nobody talks about it).. a lot of the area under greenpoint and w'burg are soaked with oil. Of course the city an gov't authority wont allow people to live in a toxic site unless its been completely 110% cleaned.

Has Warehouse 11 had any closings yet?
Does anyone have an accurate count of the number of units sold?

no closings yet as the c/o is pending..

Has the Offering Plan been made effective? If so have they mailed all of the purchasers a list of the units that were sold that they are using to make the plan effective? I think they have to do this at least 30 days before the first closing.

FYI!

http://www.streeteasy.com/nyc/talk/discussion/2969-warehouse-11

Anyone that does not want to live here can get out of their contract because there was not a closing by March 1st. Check your Offering Plan. They have been giving deposits back.

Aaaaaaaand its bankrupt.

http://curbed.com/archives/2009/05/19/warehouse_11_your_latest_williamsburg_nondo.php

What about 80 Met? I thought it was the only building with really nice finishes when I looked last summer.

i liked this building and put an offer in 30% off asking after Northside Piers cut their asking prices. That seemed reasonable as it brought asking down to about 10% below Northside. Was told by the broker that the owner wouldn't "entertain" the offer. love the terminology. i guess bankrupcy is more entertaining.

I did sign a contract on this building in March 2008. Apartments and Lofts were the most unhelpful and unprofessional people you can imagine. I can not believe they are still in business. My deposit was returned months ago. Also the owner turned out to be a complete idiot.

owner complete idiot + moron brokers = buyers get their deposit back. I think this is the best outcome that any byer could ask for.

Massey Knakal Realty is in the midst of selling the note. Strangely they're not disclosing the fact that this building has a major oil and water problem. Buyers beware !

I think this correct address is 204 North 11th St.
not 214 North 11 st.

what has happened to this condo? I walked by it today and thought the location was decent and the apartments looked ok from outside.

Last I heard--bankrupt. I almost signed a contract there about 18 months ago-SO glad I didn't! Too bad--it would have been a very cool building

Does anybody who follows Wmburg know if they really went bankrupt. If so, how many unsold units are held by the bank or in limbo or whatever. Is someone paying the monthly fees on the unsold units. I am curious because it looks like a decent place, decent location....and if units could be had at a huge discount I might be interested.

saw one bedroom here with a friend who was looking, and really liked this building. i live near here, and would definitely like to see some progress on it. i think it's a great location and with that parking lot, should be a nice value. i hope they figure it out even if it just gets filled up with renters.

"figure it out" Figure out what?. It would interesting if someone knows what's going on. Are there distressed buying opporunities here?

jim, here's some news. Scary stuff, I'd stay away until something turns around.

http://www.rew-online.com/news/story.aspx?id=752

Thanks bjw. This is clearly a mess, but it hardly seems to make economic sense that this building which is in a decent location, and has at least an ok design, would be such a basket case when NSP and Edge do not -- so far -- feel market pressure to dramatically lower prices. My guess is that to make w11 economically viable, that is to sell out all units, would have meant selling units at a price [pick a number] that would have bankrupted the project, so rather than reduce prices to such aa level, there was a dysfunctional failure to face reality, resulting now in months or years of legal limbo.It would be nice if some settlement were reached that allowed for sale at discount prices. Or put more succinctly, this is a Miami type problem (overpriced, unsold) without a Miami type solution (much lower prices)

jim, I agree. It's a shame, but this is what happens when you've got shady developers. Given what they seem to have done, who knows how many corners were cut during construction? And the supposed "membrane" covering the oil? Sometimes even bargain prices don't buy you peace of mind.

wow - they intend to get some of these sold

axle...that remains to be seen...550 psf on second floor isn't radical...

Is there still a lot of hair on this property regarding EPA issues?