Billiard Factory Lofts: block-long convert at Prospect Pl, Washington, St Marks

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Billiard Factory Lofts: block-long convert at Prospect Pl, Washington, St Marks

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notsayin
getting it
Joined: May '10
Posts: 116

This one snuck right under our radar, since there were no For Sale signs: the former Kaye Billiards plant at 363 St. Marks is about to be gut-renovated and converted to 44 units of what looks to be nice, upscale condos.

The 30,000 sq ft, two-story industrial building that runs the entire block from 363 Prospect Place to 344 St Marks, just west of Washington Ave (behind Minor Arcana, Sit & Wonder and Bearded Lady), sold to Manhattan developer Eli Hamway back in June 2011 for $4.2 million. The space served as offsite storage for the Interfaith Hospital group until a few weeks ago, and was built in 1925 as a public parking garage. But its colorful history is from 1963 to 1981, when it served as the HQ and plant for Irving Kaye Co. – a somewhat legendary manufacturer of coin-op billiard tables, bumper pool tables, foosball tables, and coin-op arcade games founded in Manhattan in 1946.

Our hearts sank when we heard a rumor the building was to be demolished – but were pleasantly surprised to find the project is an adaptive-reuse from S3 Architects, a boutique shop that (unlike certain other architects working nearby) appears to specialize in tasteful, reverential conversions that retain as much character as possible while turning out an upscale finished product. At least that’s our take after browsing S3’s project gallery.

Billiard Factory Lofts will enlarge the existing space by 11,000 sq ft and adds a third and partial fourth floor to accommodate three triplex townhouses, seven duplex lofts, a gym, media room, and 22 indoor bike parking spaces. Looks like possible entrances on both Prospect Place and St. Marks.

No word yet on whether there will be a billiards room with a vintage Kaye table (but c’mon…they’ve just gotta put one of these beauties in there!).

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

I suspect that this means that the days of new developments in PH being largely 800 sq ft condos are gone.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
notsayin
getting it
Joined: May '10
Posts: 116

I'm hoping it also will bring some resolution to the three partially-built Prospect Place parcels adjacent or nearly adjacent to the Billiard Factory.

Seems that the developer will need the adjacent properties to allow unobstructed lot-line windows (see below). Even if they somehow don't - I can't imagine buyers of $500K - $1MM apartments will put up with stepping out onto destroyed sidewalks and collapsing construction fences on either side of their main entrance for long.

Note I'm assuming these are condos or co-ops. Quite possibly (in today's market) they're coming on as rentals - though duplexes, triplexes and amenities would suggest otherwise.

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

Yes, those unfinished sites are an eyesore and rat haven.

I'm not sure how quickly they will get completed, however.

They strike me as having potentially small, not very nice, layouts that catered to first condo buyers. ....Buyers that are now in much shorter supply.

Whereas units that are built to be either rentals or condos (such as those you picture), are generally more upscale. They are catering to buyers who have not been as effected by the present economy and lending rules.

I'm fine with rentals. Those folks who want to live in Manhattan, but can't quite afford it, will spend money locally in our neighborhood.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

P.S. Curbed picked this thread up.

http://ny.curbed.com/archives/2012/08/06/billiard_factory_racked_and_ready_for_break_in_conversion.php#more

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
notsayin
getting it
Joined: May '10
Posts: 116

In the past week or so this project finally began to visibly ramp-up, with sidewalk sheds and large work crews. Can't wait to see the results - and how these units price out.

# Posted 4 mos ago
ribbons
rookie newb
Joined: Dec '11
Posts: 49

View from above. There has been activity for several months now (a lot of hammering and activity up on the roof) but the scaffolding did just appear this past week.

# Posted 4 mos ago
nomad
above average
Joined: Jul '06
Posts: 494

I noticed the activity and was excited to see something finally going on at the end of this block. Was hoping it wasn't going to be a huge night club or something so this is good news.

# Posted 4 mos ago
notsayin
getting it
Joined: May '10
Posts: 116

Ribbons, thanks for the great birds-eye view. If that's taken from your own roof, you must have mixed emotions about the multi-floor addition to come?

# Posted 3 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

Those top floor units are going to command a premium as a result of being higher than many surrounding buildings.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 3 mos ago
notsayin
getting it
Joined: May '10
Posts: 116

Gutted building with the work lights left on tonight

# Posted 2 mos ago
ribbons
rookie newb
Joined: Dec '11
Posts: 49

I will play. Updated view from above from this AM.

# Posted 2 mos ago
ltjbukem
above average
Joined: Jul '05
Posts: 502

which broker will have the listings for these apartments?

# Posted 2 mos ago