Condo/Co-op of the Day

Sleek Condo in Greenpoint's Historic Pencil Factory With Two Bedrooms, Two Baths Asks $1.25 Million

The unit may well take advantage of the booming waterfront construction along West Street, the Amazon headquarters announcement across the way in Long Island City, and the L-train reprieve of last week.

by Stephen Zacks

01/08/2019 3 minute 0

This condo in Greenpoint’s storied Pencil Factory is a two-bedroom, two-bath unit with an open living/dining room and kitchen and plenty of windows except in the wet areas. The fixtures are in the going style to which we have become accustomed — oh the stainless steel, the quartz countertop, the white cabinets. Situated at 122 West Street in the newly built portion of the complex, Unit 2P may well take advantage of the booming waterfront construction along West Street, the Amazon headquarters announcement across the way in Long Island City, and the L-train reprieve of last week.

Despite falling on hard times initially due to being developed right in the middle of the mortgage-backed securities crisis of the late 2000s, finally getting its certificate of occupancy in 2010 after starts and stops, the complex eventually seems to have recovered its value and more, at least for the resale purposes of buyers. The development — two renovated former Eberhard Faber Pencil Company buildings and a purpose-built condo building, all connected, with 91 apartments — comes with a few fairly standard amenities such as a rooftop terrace and exercise room, and a lobby, all designed by Daniel Goldner Architects.

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Unit 2P’s design is decent, and it has two bathrooms, but the square footage does not add up to the listing’s claim, going by their own floor plan. Its relatively low monthly fees of $60 in taxes and $750 in common charges are due to a 15-year 421a tax abatement that should last through 2025. Purchased in 2011 for $541,709, it’s now asking $1.25 million, which may be a bit ambitious compared to other recent sales in the building on a per square foot basis.

There’s an open house this Sunday, January 13 from 12 to 1 pm, with the showing by agents Danielle Lurie and Molly Gyllenhaal of Compass. Would you pay ask to live here?

[Listing: 122 West Street, Unit 2P | Broker: Compass] GMAP