Monday, January 28, 2008

Saying Prayers: Big Third Street Property Being Sold?

92 Third Street

There is a potentially interesting property mystery in Gowanus on what is suddenly the very hot selling market on Third Street between the Gowanus Canal and Hoyt Street. Last month, two properties went on the market between Bond Street and the Canal (photo below). A very knowledgeable source has emailed GL about a big property at Third and Hoyt that could come on the market, and there are some interesting twists to the story. Here is the info we got:
Abigal Press, which owns 92 Third Street (corner of Hoyt) is moving to Queens next month. It's interesting because they received city money in 2002 to renovate the building. This included tax relief, which in turn would be spent to renovate the building. They had planned to move to Sunset Park a year ago, but it was rumored that they could not because of the financial incentives they received from the city required them to stay in 92 Third Street. Incidentally, business has been off over the past 6 months. My friend tells me this may (or may not) be an intentional plan in order to dissolve and sell the business, and of course, the building (clearly the more valuable than the business of prayer cards).

The owners of Abigal are being very tight-lipped about the move. They have not told employees if they will or will not have jobs. They have started to sell off their printing equipment. There are rumors that the building has been sold and will be developed into condos. What will this mean in relation to the development on Smith Street - specifically the Scarano project, which is right up the block?
There is nothing right now indicating the property has changed hands, but if it does, and if the properties on the market are developed (Brownstoner has been chronicling the ongoing development of a condo project at Third and Bond for months) in addition to the Whole Foods opening, it would be a massive change in the Third Street Corridor between Park Slope and Carroll Gardens.

Third and Bond on Sale

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2 Comments:

Anonymous Anonymous said...

130 3rd went before the bsa about four years ago. CB6 should have a copy of that decision - the calendar number is 241-02-BZ. It's a good read.

10:41 AM  
Blogger gary said...

I passed that building yesterday afternoon and wondered (a) what was in it and (b) if & when it would be converted.

A restoration and conversion could be nice . . . a teardown would be an inexcusable crime.

3:26 PM  

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