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Greenpoint's Pencil Factory Sharpened Up for a Clearance Sale

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"If I buy a condo in the Pencil Factory," a Curbed reader writes, "am I a putz?" While that's the type of soul-searching query we're not qualified to answer, we were surprised to hear that the Pencil Factory, an old industrial building and modern funky-lookin' building combined into one problem-plagued Greenpoint package, is back in the land of the living. Indeed, StreetEasy shows a bunch of Elliman listings in the 122 West Street complex that returned to the market late last month?with some hefty price cuts.

Asking prices now range from $323,000 for a 632-square-foot 1BR (formerly asking $374K) to $659,000 for a 1,280-square-foot 2BR, 2BA (marked down from $732K). Building wide we're talking about a $527/sq. ft. average, which we're not ready to call a fire sale because some would argue that's how all new Greenpoint condos should be priced in this market. Will the Pencil Factory's sordid past harm the revamped sales effort? Not if Warehouse 11 is any indication. Anyone been by for a look?
· Listings: Pencil Factory [StreetEasy]
· Pencil Factory Condos [Official Site]
· Pencil Factory coverage [Curbed]