The Pencil Factory

That's the last news i've read about it:
http://www.newyorkshitty.com/?p=30581
Doesn't look good!

Thanks, doesn't look good. Would have been nice to be so close to "Red Star" I think if they priced this place at 500 a foot it would sell quickly.

Rental?

Listings have appeared again - anyone have any new info?

I've been over there. seem a bit disorganized. the units I was linteresteed in had already gotten offers near ask even though I showed up one the first day. i'm concerned about the potential buildings in front. according to curbed, etc, a lot of the Greenpoint waterfront lots (west of West Street) have been sold to developers, though I don't know which have broken ground. Does anyone know how to find out?

is anyone actually in contract?

Pretty much every unit facing the west and north is taken and in contract. Anything facing east and south is a different story though. They'll probably have issues selling the other 2/3 of the building at the current price point since there is no view.

I got the contract and it looks bad for the buyer! The seller/sponsor not paying his lawyer fee ($2000) and he is not paying for the transfer tax either (1.04%). The worse part is he is NOT going to give the buyer MARKETABLE TITLE at closing. He doesn't allow my lawyer write it on the contract!! I don't know how other buyers feel about it but me and my lawyer feel very very fishy..... Hope I can find some people are having the same issue as me..... Please feel free to email me! Mimiwang33@yahoo.com

nycwriter a 40 story tower was approved 2 blocks up the street and I presume it's still waiting on financing: http://www.brownstoner.com/brownstoner/archives/2008/11/40_stories_on_t.php

speaking of financing, mimiwang33 last year TPF's developer defaulted on it's loan: http://therealdeal.com/newyork/articles/baruch-singer-defaults-on-multi-million-brooklyn-loan-greenpoint-pencil-factory
Not sure if anyone was in contract then, but it could be cause for concern.

Yes! I saw the case and let my lawyer looked into it and found out the case was closed long time ago. There is another "stop work order" made the Pencil Factory Condo closed the sells for few months??!!
Here are the links are related to the building:
http://ny.curbed.com/archives/2009/05/14/magic_marker_spells_trouble_at_greenpoints_pencil_factory.php

http://webcache.googleusercontent.com/search?q=cache:kepgiqKWABkJ:www.newyorkshitty.com/%3Fp%3D16476+pencil+factory+condos&cd=20&hl=en&ct=clnk&gl=us&client=firefox-a

On the contract, there is a loan that the developer will NOT pay off. That is the reason the they won't able to give buyer a Good and Marketable Title. My lawyer starting to do the title search and I won't sign the contract before I get cover bu the Title Insurance company!!

Also these two:

http://webcache.googleusercontent.com/search?q=cache:-hI4Fw31odgJ:www.newyorkshitty.com/%3Fp%3D30581+pencil+factory+condos&cd=4&hl=en&ct=clnk&gl=us&client=firefox-a

http://www.brownstoner.com/brownstoner/archives/2009/05/singer_defaults.php

For this remote location and the lack of descent views in the remaining units I think the units are only priced fairly and that's assuming transfer taxes being paid for and a clear marketable title.

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

Looks like the online listings were updated with some new units in contract. Anyone know how sales are doing? Last time I checked everything facing west and north on the 4th or 5th floors were in contract.

I'd like to know if there has been an environmental inspection done at the pencil Factory regarding the pollution in the inlet dividing Brooklyn from Queens. I have heard that this might be an issue. Does anyone know?

Just found out that they are ahead of schedule and expect to start closings in early November 2010

Has anyone buying a unit checked the noise isolation?
Mainly for noise coming from the above unit... I'm looking at a unit on the 5th floor (old part of the building) and could hear walking noise from above...

Based on my knowledge of geometry, however basic that is, the dimensions on the floorplans do not come close to advertised square footage.

Yay Certificate of Occupancy approved!

Has anyone moved into the building yet? Any thoughts, first impressions?

Hey just got off the phone with my title company looks like the owner just got a lien on the building.... something tells me there is something stinky going on.... anyone heard anything recently?

Since the Pencil Factory isn't a completely a new development it was as you know a pencil factory part of the building falls under a J-51 Abatement.

J-51 Explanation:
The J-51 benefit program of the City of New York is a tax incentive for the renovation of multiple unit residential buildings.

However the Pencil Factory J-51 is practically no abatement at all and some apt will have to pay close to $1000 dollars in taxes per month. In addition they raised the maintenance. This is however something the brokers don't publicly list or tell you until you have already made an offer. So caution when dealing with the Pencil Factory. You just might end up getting a rotten deal.