Today’s news:

Warehouse 11 is out of bankruptcy

It’s settled!

The block-long 120-unit condominium behemoth known as Warehouse 11 is back from the brink of bankruptcy.

Developer McCaren Park Mews reached an agreement with its bank, Capital One Bank, and a third-party financier in bankruptcy court late on Wednesday, to buy back the debt on the N. 11th Street building.

Details were unavailable, but a source close to the parties said that the amount of the deal was close to $35 million.

Later, the lawyer representing one of the building’s owners, confirmed the deal.

“We reached an agreement,” said Leo Fox, whose client, Isack Rosenberg, is one of the owners of Warehouse 11.

Sales of condos at Warehouse 11 will continue through the spring, as the building’s owners will designate 90 percent of the proceeds of sales to Capital One as part of the agreement. A representative of apartmentsandlofts.com, which is handling the sale, said that 50 percent of the units have closed as of this month, and expects to sell the remainder.

The bankruptcy deal almost didn’t happen, as a third party in the negotiations gummed up the proceeds, insisting on court oversight for the process by which the developers pay their creditors.

Yet, after months of wrangling, a deal was finally signed off by Judge Carla Craig.

Pin It
Print this story Permalink

Reader Feedback

Enter your comment below

By submitting this comment, you agree to the following terms:

You agree that you, and not BrooklynDaily.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to BrooklynDaily.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.

CNG: Community Newspaper Group