Old Factory Building for Sale as Development Site in Clinton Hill

TerraCRG is marketing 283 Greene Avenue, a two-story red brick factory that appears to be 19th century, as a residential conversion. The ask is $6,000,000, and the 13,279-square-foot Clinton Hill building has an additional 2,779 square feet of air rights. Currently home to Kilroy Architectural Windows, which has made windows for the Empire State Building and Statue of Liberty, the building is not landmarked.

The setup, which is not yet available online, notes that “condo pricing in the area is expected to reach the $1,200 per square foot level and the rental market for is exceeding $56 per square foot. Townhouses in the neighborhood have been achieving prices well over $2,000,000.”

A buyer could tear the whole thing down and build a new 16,085-square-foot apartment building. We are hopeful, though, that whoever buys it will keep the existing building and put an addition on top, with a setback. It is quite an attractive building as is, and of course old factory buildings can be quite desirable as residences. Inside, the building has exposed brick walls, an elevator shaft that has been converted into a closet, and tin ceilings in some areas‎.

“Developers are looking at this both ways, however we usually see conversions and loft buildings being more desirable considering the original details and unique attributes for building‎,” Melissa Warren, TerraCRG partner and senior vice president, told us. GMAP

Photo by TerraCRG