Pencil Factory Back in Business

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The Pencil Factory’s had a tough last year, what with the default by the owner and the work stoppage. All hope is not lost, though. Curbed notes that the condo listings popped back up on the radar screen late last month with a pricing makeover. For example, a 1,280-square-foot two-bedroom pad that used to be $732,000 is now $659,000. That’s approaching the $500 a foot mark. Not bad at all. These should sell at those levels, we’d think.
Pencil Factory Sharpened for Clearance Sale [Curbed]
Scaffolding Down at Greenpoint’s Pencil Factory [Brownstoner]
Singer Defaults on Pencil Factory Loan [Brownstoner] GMAP
Greenpoint’s Pencil Factory Shut Down [Brownstoner]

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  • Can’t they design anything better than the freaking kitchen in with the Living Room.
    UGh, this layout is sooooooooooooo done already.
    Now at least if the space was huge, yes I could see that….but it really looks just like 1 big kitchen, now where did they put the Living Room???

    I just hate this sooooooo much !!!!

  • really digging that facade. I have not seen it in person nor know anything about this building. Are those brick panels,conc, or……?

  • “Can’t they design anything better than the freaking kitchen in with the Living Room.”

    You say the same thing all the time. Some people like kitchens that open onto the living room because it’s better for entertaining.

    If I bought an apt with a seperate kitchen – i’d make the seller include a sledge hammer – cuz those walls are coming down!

  • oh, please, how much does one entertain already????

  • “oh, please, how much does one entertain already????”

    true – especially if you live this far north in greenpoint no one will want to come over anyways!

  • DH: Reminds me of my favorite real estate brokerbabble from when we were looking for a house (in 2000). I called Ula’s Real Estate to ask where a property was, and the broker told me it didn’t matter because “Everywhere in Greenpoint is desirable”. We begged to differ.

    (This isn’t even that far north (Kent Street), though it is all the way west.)

  • haha WBer – I had a similar experience when looking for rentals in Greenpoint. Called about two apartments in “Prime Greenpoint” and turns out one was on Clay St and the other was on Apollo. Agreed – Kent St isn’t that bad.

  • Hey, it’s not just for entertainment.

    To keep an eye on your little ones from licking the power outlets and from blowing up your prized stereo system.

  • i like the website. think it’s got good info about the neighborhood too. the apartments are probably standard new construction stuff, but terraces and prices are good. believe that it’s a good opportunity for a family to get into a really family friendly hood and be in a great school district.
    g to midtown, or b62 to either L or JMZ.

    i’ll spare you people my usual blather about greenpoint, but i really do like this area a great deal and think that greenpoint here is fantastic.

  • I say the same thing, because every single new development layout we see “IS” the same thing.
    Doesn’t anyone have an imagination anymore.

    It is also because the builders are cheap.
    Why make 3 seperate rooms when you can combine 2 together, thus giving more space for another apartment.

    Oh well, I will maybe promise not to say it again, I know it is repetetive, but it just makes me crazy.

  • Stargazer – you are meant for a pre-war world. Or at least a pre-war apartment. Apartments are laid out this way because modern apartments are small! You could put a wall between the kitchen and the living room, but then both rooms would feel small and cramped, and people would wonder why exactly they’re paying $550 a foot. And this is what the market wants – loft-like living (emphasis on “like”) – it is what sells, and the marketing people control the design of new condos as much as (sometimes more than) architects do.

    The building itself is a really nice design, even if it came at the expense of excluding two buildings from the Eberhard Faber landmark designation. And the apartments seem reasonably priced, though I have no idea what the market is in this area of Greenpoint.

    Buyer beware, though – someday there will a big tower going up across West Street (actually, there will be big towers all up and down West Street). You’ll get a waterfront esplanade, but you’ll lose your view.

  • dittoburg

    WBer – the fabulously perfidious Community Board 1 approved a 40-story, yes 40, just up the street here after the developer came up with some sob story. This in a neighborhood of family houses with nothing over 6 storys at the time.

  • Oh yes, I will have to agree, I do live in a 1925 co-op, I have separate rooms, all have big windows, and I love it.

    I know why they are laid out like that….oh well, this is the rage now, but in about 10 years it will be something else…

  • dittob – The as of right building across the street (pre-sob story) was 30 or 35 stories. Developer was not allowed to build more, just 5 stories higher.

    Everything across the street will be 30 to 40 stories (as of right) because in 2005 City Planning and the City Council approved a waterfront of 30 to 40 stories, over the objection of the community board.

  • I got the contract of The Pencil Factory Condo and it looks bad for the buyer! The seller/sponsor force the buyers pay for seller’s lawyer fee ($2000) and the transfer tax either (1.04%). The worse part is he is NOT going to give the buyer MARKETABLE TITLE at closing. Developer is not allow my lawyer to write the request ( Seller will give Buyer the Marketable Title) on the contract at all!! I don’t know how other buyers feel about it but me and my lawyer feel very very fishy…..
    We trying to do the title search now and make sure I can get the Title Insurance before I sign the contract. Of cause, the developer will NOT pay for any of the title search and insurance.

    I hope I can find some people who are having the same issue as me….. Please feel free to email me!
    mimiwang33@yahoo.com
    http://mimiwang33.blogspot.com/

    Thanks!
    Mimi

  • i also got the contract. It is bad for a buyer. there is a question of the tax abatement as well.

  • The sponsor will pay for the first year tax abatement. Buyer need to request it to be add on the contract by buyer’s attorney. If you don’t ask, you won’t get it. For my unit, seller will pay for the tax from June 30th 2010 to June 30th 2011.

    I got the title search result back from my attorney yesterday. The search result for the Pencil Factory Condo is fine so I can get the title insurance from the insurance company, that means I will be fine even the sponsor is not going to offer a “marketable title”. I going to sign the contract at the end of this week! Happy! It took me one and half month to get to sign it…!

  • The whole inside story about my Pencil Factory Condo unit buying process and other people’s stories.
    http://www.thepencilfactory.blogspot.com/

  • The whole inside story about my Pencil Factory Condo unit buying process and other people’s stories.
    http://www.thepencilfactory.blogspot.com/