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This was the Stephenson Manufacturing Company, at the corner of Beekman Street and Second Avenue. This picture accompanied a little 1951 newspaper article about how the place was a neighborhood mystery, because it was obviously a business but never had any signage on it.
The Stephenson Company manufactured boiler compound and belt dressing in pound sticks, applied by friction: red label for leather belts, green label for rubber and canvas belts. Founded in 1886 by Samuel T. Stephenson, by the turn of the century they had foreign agents in London, Sydney, Frankfort and Stockholm.
The first part of the building was erected in 1886 when the area was mostly farmland. It was completed in 1888. The company remained (quietly) in business through the mid-1950's. By 1959, however, the building was listed for sale (9300 sq. ft. and Thruway adjacent!).
It later became Hillmann Roofing & Siding, and then Berhaupt Roofing. The city forced its demolition in 2017. [Thanks fo Skip Berhaupt for the update!]
Now there's an empty lot where it once stood. No doubt it's undeveloped because it's brownfield land.