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We reported earlier this month that condos at Greenpoint’s Pencil Factory were being listed despite a loan default and a temporary shut down. Prices were around $500 a square foot, which prompted us to comment that “These should sell at those levels.” Looks like we were right: In the first three weeks, 24 of the 93 units sold. The units are selling at “pre-completion” prices, with prices ranging from $323,000 for a 623-square-foot pad to 623 to $659,000 for a 1,280-square-foot two-bedroom. The development, which is predominantly one- and two-bedrooms, is slated to be open this fall.
Pencil Factory Back in Business [Brownstoner]
Singer Defaults on Pencil Factory Loan [Brownstoner]
Greenpoint’s Pencil Factory Shut Down [Brownstoner] GMAP


What's Your Take? Leave a Comment

  1. so i’m thinking of buying one of these units… why all the hate on this building? don’t wanna throw my money away…

    teach2 what is the non factual or misleading info?

    this is the first place I am buying and not looking to get screwed