Williamsburg Bank Tower Conversion a Slam Dunk
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…
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]
Yes, and Williamsburg Bank got bought out by HSBC. They had that bank in Williamburg with the nice dome, that was probably their original branch. There is also a Greenpoint bank, and there used to be many more brooklyn-based ones.
Assume it’s because the Williamsburg Bank built the tower or was the original tenant…
Stoopid question: does anyone know why this is called the Williamsburg Bank Tower when it’s not in Williamsburg? I live around the corner. Never knew its name until now. By far, the most phallic-looking structure in NYC, no?
Also, how far is it from the proposed Nets stadium, and will that affect the price per square foot? I know Gehry has plans to spiff up BAM and the surrounding neighborhood, which probably bodes well for the developers. There’s an exhibit on the new BAM designs at the Center for Architecture on Laguardia Place in Greewich Village.
First class hype??? Plleeasse!!! They just hire an Ad-agency like anyone else can and the ad agency does all the work, the people on the team don’t even know what they are talking about. Just look at the Greene house condos, still 50% un-sold after 6 months????
I totally agree with db — $1,200+ isn’t a stretch. guessing higher up the views of the city are awesome as well. with atlantic avenue and lirr right there, as well as bam and expanding fulton street shops, and the new theater being built, these condos could fetch amazing prices.
$1000 sqr foot? Dream on. New records are going to show up with this one. Short of the market softening, I perdict at least $1,200+ per with the highest floors commanding an even greater premium. Best views in Brooklyn.
at least the clock is staying!