Cygwin build fails with /usr/bin/sh: line 1: /usr/bin/mkdir: Bad address

[Ilmari Lauhakangas]

A new developer is facing this issue:

$ make check 2>&1 | tee build.log
C:/cygwin64/home/user/lode/opt/bin/make -j 12  -rs -f 
C:/cygwin64/home/user/lode/dev/core/Makefile.gbuild  unitcheck slowcheck 
subsequentcheck  check
/usr/bin/sh: line 1: /usr/bin/mkdir: Bad address
[build XCD] main
make[1]: *** 
[C:/cygwin64/home/user/lode/dev/core/canvas/Library_vclcanvas.mk:27: 
C:/cygwin64/home/user/lode/dev/core/workdir/PrecompiledHeader/debug/precompiled_vclcanvas.hxx.pch.flags] 
Error -1073741819
make[1]: *** Deleting file 
'C:/cygwin64/home/user/lode/dev/core/workdir/PrecompiledHeader/debug/precompiled_vclcanvas.hxx.pch.flags'
make[1]: *** Waiting for unfinished jobs....
make: *** [Makefile:290: build] Error 2

Does it sound familiar to anyone? I couldn't find anything useful 
related to it.

Ilmari