Pencil Factory 25% Sold

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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

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