Dime Savings Bank of Williamsburgh Puts Huge Development Site on the Market

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The Dime Savings Bank of Williamsburgh has put its Williamsburg headquarters up for sale. The huge parcel of lots in South Williamsburg includes the historic 1908 Dime Savings Bank of Williamsburgh building and is being marketed as a development site by real estate firm Cushman and Wakefield. The parcel could, theoretically, be worth a rather mind boggling $55,000,000 or so.

The site is a roughly 50,000 square foot group of lots for sale includes 257 and 275 South 5th Street and 146 and 150 Marcy Avenue as well as 262 South 4th Street and 209 Havemeyer Street.

According to the broker the buyer could create a mixed-use development of about 230,500 square feet with 125,000 square feet of parking. Apparently the 1908 Dime Savings Bank building is not in danger of being torn down.

The firm is taking bids; no price has been set, although the bank has an undisclosed reserve price. The average price per buildable square foot for development sites in north Brooklyn was $241 in January, according to The Real Deal. If it sold at the average, that would work out to be $55,550,500.

Dime Savings plans to relocate its back office operations but keep its retail operations in the historic building, perhaps as a retail condo, a spokesman for Cushman and Wakefield confirmed. The building is not landmarked.

Just down the block an impressive Morris Adjmi-designed mixed-use building is going up at 282 South 5th Street. GMAP

Photo by Christopher Bride for PropertyShark

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