Singer Defaults on Pencil Factory Loan
Bad news for Greenpoint development - a lender is suing developer Baruch Singer for failing to complete the Pencil Factory Lofts project in a timely manner. According to the Real Deal, construction was to have been completed by January of this year. That has clearly not happened, though based on a recent pass by, the project seems to be pretty far along.
As originally reported by Vanishing New York, work on the project came to a halt about two weeks ago. The site itself was once part of the complex of buildings owned by the Eberhard Faber Pencil Company, but was left out of the landmark district because permits had already been pulled and work had started (including demolition of two smaller buildings). Luckily, the building that is to replace the former Faber buildings is a nice one (thanks to Daniel Goldner Architects), so for once we aren't losing something significant and getting a pile of banal in return. Having come this far, the neighborhood will be a lot worse off if the project does come to a complete standstill, so hopefully it will restart soon - either as a condo or as a rental.