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Details on BAM's Purchase of Forte Retail Space

Categories: BAM Cultural District, Commercial Real Estate, Fort Greene

BAM-Forte-031210.jpg
BAM put out a press release on the first of this month announcing the exciting news that it had purchased the ground-floor retail space at the Forte and was planning to turn it into the Hamm Archives Center, named after board member Charles J. Hamm who put up the dough for the acquisition. What wasn't included in that press release was any mention of what the venerable institution had to pay to snag the 3,800-square-foot space, which is just up the block from BAM's Harvey Lichtenstein Theater. The transaction just hit public records, though, so now we know: $1,807,200. We asked commercial broker Michael Annunziata what he thought of the price. "At approximately $473 psf, I believe this sale is in line with today's market, and a fair deal for both sides," he said. From the press release: "The BAM Hamm Archives Center will house a rich collection of materials documenting BAM’s unique artistic heritage as well as the institution’s early history as a major Brooklyn center for cultural and community events." As the Brooklyn Eagle reported, an architect has not yet been chosen to design the space. Great news and great use of the space! GMAP



By Brownstoner at March 12, 2010 9:30 AM | Comments (19)

19 Comments

By BK realestate veteran on March 12, 2010 9:35 AM

BAM and was brilliant to purchase that space, thanks to the Hamms. The more BAM the better for BKLYN as we all know.
Sweet low key retail use for condo too, which will turn more and more home office in use upstairs over time.

By tybur6 on March 12, 2010 9:36 AM

Ha, that's very funny... tells you something about the human scale vs. city scale. I went to the Harvey Theater a couple weeks ago and did even realize I was standing in front of the Forte building. My thought was, "Hmmm, what's this empty retail space doing here?" The huge highrise above me didn't even register!

By tybur6 on March 12, 2010 9:40 AM

"Sweet low key retail use for condo too, which will turn more and more home office in use upstairs over time."

Umm... why is that? "Creative Professionals" again?

By Butterfly on March 12, 2010 9:43 AM

i think it's a good classy use of the retail space actually. better than a stupid H&M or something.

*rob*

By LilBitOfLuck on March 12, 2010 9:48 AM

How fortunes turn. What was once an overpriced dud, now a sold out condo at appropriate pricing (550 sq/ft), with a great - non nuisance type - tenant. Great for the building, for Bam, and for the neighborhood.

By Putnamdenizen on March 12, 2010 10:10 AM

I don't know - I think a more lively street presence would have been nice on that stretch of Fulton.

By zinka on March 12, 2010 10:30 AM

I'm with Putnamdenizen. Something open into the evening, yet not raucous, would have been far better for street life. Think Tea Lounge.

By LilBitOfLuck on March 12, 2010 10:34 AM

Fair point, however, this location may have been too pricey for anything but a chain/high volume type business.

By Heather on March 12, 2010 10:35 AM

I agree, but with a "classy" tenant, fancier retail might come nearby.

Not that I would want the nearby dollar store to leave. I like them.

By bkre on March 12, 2010 10:43 AM

Heather - don't mention dollar stores! You'll get Rob all riled up and he'll send out one of his rants about how great dollar stores are. Rob just said that he approved of a relatively high-end, high-culture retail use. That's a huge step for him. Don't let him backslide into rants about dollar stores, 40's of malt liquor and poo mist in en-suite bathrooms.

By Butterfly on March 12, 2010 10:44 AM

quote:
Think Tea Lounge.


no. let's not.

*rob*

By Heather on March 12, 2010 10:53 AM

Sometimes I think Rob is my younger, male, childless and gay alter-ego. I agree with him more often than not.

Except for the poo mist thing. That's just gross.

By FYI on March 12, 2010 10:54 AM

There will be space for small gatherings of about 50 people or so. Also planned area tours will start from this space. Not sure how late the tours will run, but it should create some energy for that stretch.

By dirty_hipster on March 12, 2010 11:02 AM

How fortunes turn. What was once an overpriced dud, now a sold out condo at appropriate pricing (550 sq/ft), with a great - non nuisance type - tenant. Great for the building, for Bam, and for the neighborhood.

Posted by: LilBitOfLuck at March 12, 2010 9:48 AM

Quite amazing indeed. Take note developers. Pricing has EVERYTHING to do with it.

By Brownstones Half Off on March 12, 2010 2:08 PM

"Speaking" of Forte, a lights-on analysis of residential occupancy did not look good last night @ 9:30-10 pm. Just sayin'.

***Bid half off peak comps***

By brooklyn72 on March 12, 2010 2:55 PM

My understanding is that all units have been sold except 2 3-bedroom lower floor units.
With BAM going in this building and the expected $100M BAM development in the area starting later this year, I believe recent buyers for sure lucked out on this one.
And don't forget the Barclay Centre's opening in 2 years and which should revive the area a great deal. All in all, great news for the area.

By BrooklynGreene on March 12, 2010 3:30 PM

Well, I have to say, I was kind of hoping for a food retailer a little like the Gourmet Garage (in terms of the selection and the size of the space needed)...and it would make sense to have something like that there. I would just hope it wouldn't have crazy-prices.

But, yes, I do think BAM taking the space is a great idea. I hope they have a great street presence.

Although I like the look of the MM Dance buildings images on the ground floor, It would have been nicer had there been a 15 to 18 hour per day commercial business of some sort that would be open to the public. But something open late would probably mean it would have to be food/beverage...
H'mmm...I guess stores aren't doing so well these days.

By FYI on March 12, 2010 4:04 PM

I believe art will be displayed in the windows. ie. Currently BAM is having a silent auction that would most likely be displayed in the windows, if this new space was open now.

By alexa11221 on March 13, 2010 9:51 PM

so, does this mean that BAM isn't going to build an archives building over on one of those empty lots off Flatbush, then?

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