Retail Space in Williamsburgh Savings Bank Building Sells for $20.4M
Madison Realty Capital has paid $20.4M to buy the retail component of the former Williamsburgh Savings Bank building, hoping that sales potential in the burgeoning Fort Greene/Downtown market will outweigh landmarking restrictions. Built in 1927, the tower, once the tallest on Long Island, was called the “House of Pain,” because there were loads of dental offices inside the 41,400 SF beauty. Madison is hoping the retail space’s uniqueness will be the trump card. It has a 63-foot vaulted ceiling with illustrations of the zodiac, limestone columns, archways and a 40-foot mosaic depicting NYC in its New Amsterdam days. Problem is, a potential tenant could do little with the landmarked space, according to the New York Daily News. “It’s such an iconic space and location,” said Joshua Zegen, co-founder of Madison, which bought the space in a JV with private equity investment firm Siguler Guff. “A lot of the tenants who are moving to Brooklyn don't want just a typical, cookie-cutter space. They want something unique.” They think the property would be perfect for a company like Apple that does not need ubiquitous signage to draw customers. Fort Greene is less of a gamble. CPEX Real Estate, which specializes in Brooklyn, notes that rents have more than doubled in the neighborhood in the last few years. [NYDN]
