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What Would You Do With The Former Schiavoni Factory?

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Since it doesn't look like moving here is a viable option for Bay Street Theatre, we were curious to find out what Curbed readers envision for the old site of Schiavoni Plumbing and Heating.

The 14,500 sq. ft. building is set on 1.5 acres, although the $3M sale price includes an adjacent 3.8 acre lot. It's all right in the village to boot...not too shabby a piece of property. And you needn't worry about remnants leftover from the factory's heyday?prior to closing the "sellers will produce clear title, clean Phase I Environmental Report and Certificates of oil tank removal."

With 10' to 15' height ceilings and windows galore, the listing makes mention that this could house some "great loft living spaces". Definitely an interesting notion, but it might be prudent to hold off and see how the Bulova condos sell before going through the process of converting this?Sag Harbor doesn't seem to have the best luck with this type of project. Anyone got any better ideas?

· Listing: 64 Jermain Avenue and 19 Joels Lane [Corcoran]