For decades, the former Bulova Watch Factory in the charming Long Island village of Sag Harbor sat abandoned and deteriorating. The 132-year-old landmark was in danger of degrading past the point of restoration by the time developer Cape Advisors—known for Manhattan's Jean Nouvel-designed 100 Eleventh Avenue—stepped in and began convincing the town to permit the transformation of the old factory into high-end lofts and the addition of new houses on the perimeter of the 2.5-acre property. Now known as the Watchcase, the historic building has been shored up and the project is finally entering the last phase of construction, with completion scheduled for early summer 2014.

The cornerstone for the factory was laid in 1881. Then known as the Fahys Watchcase Factory, the structure was home to throngs of immigrant workers—some recruited directly from Ellis Island—who, by 1899, were churning out more than 12,000 watch cases per day. Purpose built for the task, the building incorporated exceedingly large windows situated at bench height, to provide adequate light for the intricate metalwork. A central courtyard brought that light into the heart of the building, while a towering smoke stack provided ventilation for the near-constant smelting. The impressive Second Empire tower, pictured above, was too far gone to save, as was the top section of the smokestack, the remainder of which now serves as a chimney for the double-sided fireplace in the lobby.

Sag Harbor's Old Watch Factory Reassembled as Luxe Lofts

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The smallest unit in the Watchcase complex, a 700-square-foot one-bedroom, is listed for $860K, but the largest, a three-bed, four-bath penthouse with two terraces, will set buyers back $7.25M. The asking prices haven't deterred early purchasers. According to Corcoran, 19 of the project's 47 lofts are already in contract. The townhouses, in less advanced stages of construction, have yet to be sent to market.

and new tenents will be given new Bulove watch