Stalled – Hello 55 Eckford Street

Greenpoint is currently undergoing a building boom: dozens of new, large buildings are sprouting up like mushrooms after a rain. Bulldozers raze one-story manufacturing, auto-body shops or gas stations – modern luxury buildings rise in their place, offering homes for over $700 psf.

But I’ve noticed another phenomenon: stalled projects. Several buildings in Greenpoint and Williamsburg have stopped with construction only partially complete, others seem finished, but sit empty.

I’d like to explore this phenomenon, and determine why this is happening, and perhaps what it means to the neighborhood and real estate market.

55 Eckford Street – Unfinished

This project is quietly rusting behind my home in Greenpoint. It’s been like this since the winter of 2006. When I first arrived there was a security guard who would patrol occasionally, now no one is there at all, despite the presence of a construction trailer, and piles of concrete and steel.

Word on the Street: the developer ran out of money, and has put the whole building on the market. Apparantly the developer was building a floor at a time, when money was available, a financial strategy that did not pan out.

Department of Buildings: According to the DOB website, 55 Eckford is supposed to be a 12-stoy building, with 26 residential units. The latest permit filed in connection to the building is renewal permit to keep the construction fence around the site. Does this show that the owner is willing to keep hope alive for construction – or is that a requirement by the city for construction projects?

Violations: The DOB lists a few pending violations, all issued in September of 2006. They include a sidewalk shed does not meet building code specifications, lack of permits displayed, and poor “housekeeping” (heh!) with gravel on the sidewalk creating a tripping hazard and timbers on the site improperly laid. Previously the DOB fined contractors for working without proper permits erecting the steel, working without a permit, and incorrectly erecting a construction fence.