Last month Paterson’s iconic Art Factory shut down and headed to foreclosure. The 180-year-old factory loft on Spruce Street hosted countless weddings, welcomed artists, photographers and many other creative professionals, and also served as a studio space for television and film shoots. The sudden closure left roughly 100 couples scrambling for new wedding venues and created a huge vacuum in the local arts scene.
Now the 230,000-square-foot, 21-building, nearly 5-acre Great Falls Industrial Park campus will be auctioned off by order of the U.S. Bankruptcy court. The auction will be handled by Max Spann Real Estate & Auction Company of Annandale, NY.
“A hub of the American industrial revolution, Paterson has long been a beacon of creativity and innovation,” said Max Spann, Jr., President, Max Spann Real Estate & Auction Company. “We expect this auction to attract a diverse group of bidders considering all the possibilities the property offers. We’re excited to see how the next chapter of the Art Factory unfolds.”
Once the home of the American Hemp Company, the property dates back to the 1840s. The complex evolved from its industrial beginnings and developed into a home for community and creativity reflecting the past, present and future of the Paterson Great Falls Historic District. Under its most recent incarnation as the Art Factory, the location housed event spaces, performance venues, artist studios and a prime location for film and TV production. The Great Falls Industrial Park offers customizable space for businesses, catering operations, warehousing, schools, and art and production studios.
For more information on the Great Falls Industrial Park, or to receive the Property Information Package with all property details, due diligence documents, and online bidding instructions, visit the auction information page. Previews of the property will be held on November 18 from 12 p.m. to 2 p.m. EST. Bidding is currently scheduled to open at 9 a.m. EST on Friday, November 22 via Max Spann’s online bidding platform and closes at 11 a.m. EST on Tuesday, November 26.
