Prospect Heights Bank, Once Rumored to Be Trader Joe’s, Will Be Razed

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Talk about new money overtaking old money.

The 1920s neo-classical building at 856 Washington Avenue, most recently a Capital One Bank, has been approved for demolition by the city, to be replaced with a 14-story condo building.

About a year ago, rumors circulated that the space would become a Trader Joe’s, Brooklyn’s most bank-loving luxury grocer.

Formerly the Green Point Savings Bank, the Prospect Heights stunner was bought by Slate Property Group for $6,500,000 back in January. In August, the group filed applications to construct 26 apartments over 161,479 square feet of space.

The new development will include spacious units, bike storage, a gym, and a community room.

Many of Brooklyn’s banks have been restored and repurposed in recent years for residential and cultural uses, from condos in Brooklyn Heights to the Trader Joe’s on Court Street.

When Slate bought the building, Brownstoner speculated the developer would add a few floors to top. Slate has become one of the largest Brooklyn developers in the last year or so, with several large projects in the works on 4th Avenue in Gowanus and Park Slope, among others.

[Source: DNA | Photo: Nicholas Strini for PropertyShark]

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