This building is remarkably well preserved mostly because it belonged to a company that stayed in the same business until 2005 without ever outgrowing its limited premises. The Hipwell Maufacturing Company’s most famous products were metal HIPCO flashlights, the kind that used to be ubiquitous before plastics took over. But the company (according to this page) was an important innovator in the electrical business, inventing the single-cell batteries that power our flashlights and digital cameras and toys and a thousand other things we never think of until we have to buy batteries again. It was also involved in the early stages of telephones and electric toy trains.
Today the building is lovingly preserved as—what else?—loft apartments, as well as a banquet hall called HIP at the Flashlight Factory.