The building is privately owned and used as a art enclave. Once used as the Phun Factory, the project is now called the 5-Pointz, The Institute Of Higher Burning. It is a project run by a writer called Meres. Over the years, the building has been bombed by some of the worlds most famous graffiti artists and street taggers, with permission of the project and with the landlords full blessing.
The pointz is a must see for all urbanites and a place to enjoy an amazing form of art forever ensconced in controversy. A nice bit of NYC paradox is the proximity of this building to the large Citibank building looming 2 blocks away.