This large, full-block residential building at 214 North 11th Street in the Williamsburg section of Brooklyn is known as Warehouse 11 and is distinguished by its pale blue facades and its many slanted skylights.

The 7-story building, which is also known as 10-18 Roebling Street and 201 North 10th Street, has 120 condominium apartments.

It was designed by Karl Fischer developed by Isack and Abraham Rosenberg, the developers also of the large planned development known as Rose Plaza on the River that won final city approval in 2010.

Although Warehouse 11 is one of the most impressive "new" residential developments in Brooklyn, it had quite a troubled start.

Sales started in 2007 but the following year with about 30 percent of the apartments sold and the building nearly finished the bank "pulled the plug," according to a June 4, 2010 article by David Jones at therealdeal.com and "the developer gave back all the deposits."

"'We were told the financing wasn't there to complete the building,' said David Maundrell, the president of aptsandlofts.com, the brokerage handling sales in the building," the article said, adding that in the 2009-10 winter "the developer worked out a deal with its bank, Capital One, to keep ownership of the property, and then put the apartments back on the market at a steep discount."

In a August 20, 2010 article in The New York Times by Vivian S. Toy, Mr. Maundrell said that the "2008 sales activity provided 'an opportunity to look at what didn't work the first time and make changes.' The plan had called for a children's playroom and 60 private roof cabanas. 'But there was no interest at all in a playroom because the family market in Williamsburg is still developing,' Mr. Maundrell said. No one was buying cabanas, either. So the playroom was replaced with a billiard/television room, and the cabanas were removed to create a common roof deck. Prices were dropped, by 25 to 35 percent, and the building is now nearly 80 percent sold."

Some of the units had prices of about $450 a square foot, or about $750 less than their average contract prices three years before, according to the article, adding that "in the first two weeks back on the market in June, 2010, the building signed 35 new contracts," the article said.

Both Isack Rosenberg and Abraham Rosenberg filed for Chapter 11 bankruptcy protection in July 2009 after lenders including Capital One and RCG Longview filed suits to foreclose on the property and had previously sought to sell $50.7 million in senior notes on the property, but the developers argued that they had the legal right to match any offer.

As part of Rosenberg's Chapter 11 reorganization plan, proceeds from closings at Warehouse 11 would be used to settle the loan balances. Multiple sources said that the settlement called for lenders to be paid by the end of June, the article said.

RCG, a mezzanine lender at the 120-unit Karl Fisher-designed Williamsburg building, was also scheduled to seize a valuable waterfront site that was recently rezoned for a planned much larger complex called Rose Plaza on the River, according to court documents and other sources.

Warehouse 11 officials confirmed that the recission offer was included in a new amendment to the condo offering plan.

"The attorney general's office had requested that the sponsor of Warehouse 11 amend the offering plan to outline the previous litigation, which has been settled for some time now, temporarily delaying closings at the building," said Mr. David Maundrell.

Maundrell said the amendment was approved.

Warehouse 11 officials signed contracts with about 60 buyers as part of an effort to settle the dispute with lenders. The developers are listing units at prices well below rival Williamsburg properties, with average prices of $545 a square foot, according to Streeteasy.com.

A February 10, 2010 by Sarah Ryley at therealdeal.com said that "the other Warehouse 11 developer, Yitzchok Schwartz, had an involuntary bankruptcy case filed against him that helped prevent the project from being foreclosed on. But he has only been peripherally involved in the proceedings related to Warehouse 11...although the drafted settlement agreement envisioned the developers finding a third party investor to buy the $50.8 million note at an undisclosed discount, they attempted to raise cash another way: through a well-publicized fire sale that kicked off last month and has probably since made the building the city's top seller."

The "discount amount" is blacked out, but the math indicates it was $31 million. Although, it's unclear whether that figure included some discounted settlement with the mezzanine lender RCG Entities, which is actively involved in the bankruptcy battle and is owed $15 million just on the Warehouse 11 project.

"RCG states that its collateral in the Warehouse 11 loan includes a 100 percent ownership in the project, as well as the lumberyard and adjacent warehouse on Kent Avenue. Capital One also happens to be a lender on the lumberyard, and began foreclosure proceedings on the property last spring, which was staved off by the bankruptcy filing. The same month, RCG attempted to foreclose on $7 million in debt it's owed for a development Rosenberg finished in 2008 called Olive Park, where he still has an interest in the unsold apartments that are being rented."

An article by Aaron Short in the March 25, 2010 edition of The Brooklyn Paper reported that a "deal has brought Warehouse 11...back from bankruptcy," adding that the building was then 70 percent occupied.

"Developer Isack Rosenberg and his partners in McCarren 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."

Warehouse 11 is built on a site that was formerly contaminated by oil.

Its website was one of the most fetchingly written:

"The striking terra-cotta tile structure was conceptualized and designed by Karl Fischer to evoke the aesthetic of Williamsburg's original industrial loft buildings - clean, minimal, simply beautiful - with an added heavy dose of modern luxury. Its 120 designer living environments - dreamt up by the noted Andres Escobar & Associates, are created with a whimsically artistic outside-the-lines approach. Crisscrossing Chic Industrial and Sumptuous Modern with oh-so-sweet Bedford Avenue/McCarren Park location."

The kitchen, the website proclaimed, is "designed for the luxury-minded whether a water-boiling novice or skilled flambeing pro. Composed of icy walls, geometric lines with punches of deep brown wood and silvery sumptuous fixtures and appliances. White blizzard granite countertops. White lacquer cabinets with backpainted glass and metallic painted white oak accents and a textured white Ghiaccio tile backsplash."

The building has a 24/7 concierge, a roof deck, a gallery, a fitness center, a double-height lobby, storage units, a children's playroom, and a garage.

The building also has some balconies, multi-paned windows and some corner windows.

It is one block from McCarren Park.