Details on BAM's Purchase of Forte Retail Space
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…
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
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.
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.
Fair point, however, this location may have been too pricey for anything but a chain/high volume type business.
I’m with Putnamdenizen. Something open into the evening, yet not raucous, would have been far better for street life. Think Tea Lounge.
I don’t know – I think a more lively street presence would have been nice on that stretch of Fulton.
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.
i think it’s a good classy use of the retail space actually. better than a stupid H&M or something.
*rob*
“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?
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!