Why is hbsfy not working? Where the heck does this error come from?

gulpfile.js

var gulp = require('gulp')
  , browserify = require('gulp-browserify')
;

gulp.task('scripts', function() {
  return gulp.src('./js/sample.js')
    .pipe(browserify({
      debug: true,
      transform: ['hbsfy'],
    }))
    .pipe(gulp.dest('./build/'));
});

gulp.task('default', function() {
  gulp.run('scripts');
  gulp.watch('./js/**/*.js', function() {
    gulp.run('scripts');
  });
});

output

$ gulp
[gulp] Using file /Users/spike/code/onechrome/gulpfile.js
[gulp] Working directory changed to /Users/spike/code/onechrome
[gulp] Running 'default'...
[gulp] Running 'scripts'...
[gulp] Finished 'default' in 10 ms
/Users/spike/code/onechrome/js/sample.js

stream.js:94
      throw er; // Unhandled stream error in pipe.
            ^
SyntaxError: Unexpected identifier

sample.js

var templates = {};

templates.offices = require('./templates/offices.hbs');

console.log(templates);

@alanpeabody thanks for the suggestions. If I make the require relative to the entry point, I actually get a useful stacktrace:

stream.js:94
      throw er; // Unhandled stream error in pipe.
            ^
Error: module "../templates/offices.hbs" not found from "/Users/spike/code/onechrome/js/fake_f7a86baa.js"
    at /Users/spike/code/onechrome/node_modules/gulp-browserify/node_modules/browserify/index.js:570:23
    at /Users/spike/code/onechrome/node_modules/gulp-browserify/node_modules/browserify/node_modules/browser-resolve/index.js:183:24
    at /Users/spike/code/onechrome/node_modules/gulp-browserify/node_modules/browserify/node_modules/browser-resolve/node_modules/resolve/lib/async.js:36:22

I wish Gulp didn't swallow the error and provided a better backtrace!

Yeah, I am sure as it matures error handling will improve.

Here is an early snapshot that I had working: https://gist.github.com/alanpeabody/7021d903961a3c9eab6e