From 1846 to 1930, this granite building served as a textile mill. The property housed warehouses to support the Penacook textile mill, located on an adjacent parcel. Penacook Mill or Penacook Cotton Mill produced cloth or yarn. It was erected by the brothers H.H. and John S. Brown who operated until 1865 when they split the property. John retained control until 1889. In 1899 the mill was sold to New Hampshire Spinning Mill which continued in textiles until the depression. Initially it was a single three-story building with a four story tower on the south side. A brick building directly on Canal Street, built over the canal, acted as the office for New Hampshire Spinning Mill.
In the 1940s, following the collapse of the textile industry, the mill and surrounding properties were sold to the Allied Leather Tannery, which converted the complex to a tannery operation. Brezner-Allied Tannery (part of the Brezner Tanning Corporation) was a major producer of upper shoe leather from cattle hides. The tannery was established in 1942 until 1987 when production ended. To support this use, a wastewater treatment plant, pump house, and coal-fired electrical generator were built on the 4 Crescent Street parcel.
The tannery went bankrupt in 1987, and the property was then acquired by a local entrepreneur who was ultimately unable to redevelop the site.
In 2006, the City purchased the property to support the redevelopment of the adjacent mill building.