The Real Deal New York

Greenpoint commercial building used as illegal residences sells

May 24, 2012 12:00PM

A Greenpoint commercial building known as the Sweater Factory Lofts, which was used as illegal residences, has sold for $9.1 million, Brownstoner reported. The buyer is an LLC whose identity, and plans for the new acquisition, are unclear.

As The Real Deal previously reported, 239 Banker Street was the recipient of a $4 million loan from MB Financial, where a team of developers planned a residential redevelopment of the 68,200-square-foot building. Streeteasy.com shows that there are eight active rental listings in the building. The developers, Menachem Stark and Israel Perlmutter, defaulted on the loan, but MB Financial declined to tell The Real Deal whether it would sell the note.

According to city records, the Department of Buildings issued a full vacate order for illegal tenants living in the building in 2009. Brownstoner said there have been multiple forced evicitons and people living there applied for protection under the Loft Law in late April [Brownstoner]