Photo by Frank Lynch
A partnership partially controlled by Magic Johnson closed on the purchase of the the landmark Williamsburg Savings Bank building in downtown Brooklyn on Monday. The price? $71 million or $200 a foot. The group plans to convert the 78-year-old structure into a $165-million luxury condominium project, one of the largest condo conversions the borough has seen so far this year. The conversion–slated for summer 2006 completion–will result in 216 apartments, ranging in size from studios to three-bedroom units; in addition, the property will have 33,000 sf of ground-floor retail. No pricing info yet, but Corcoran Group is the marketing agent so get ready for some first-class hype. The architect, H. Thomas O’Hara, reportedly has been instructed to maintain the landmark property’s exterior facade, interior bank vaults as well as its famous clock tower. Do we hear
$1,000 $1,200 a foot?
Bank Tower to Become $165 Condo Project [Globe St via Curbed]
High Hoops for Brooklyn [NY Post]
Bank on Condos [NY Daily News]