BSE Global buys landmarked retail space at base of Williamsburgh Bank Tower near arena. Will this space be a new perk for high-rollers?
It's barely five minutes by foot--though with busy Flatbush Avenue and the Atlantic Terminal shopping mall as barriers--from the Barclays Center.
As the Real Deal reported, based on the scoop from PincusCo, BSE Global--which owns the Brooklyn Nets, New York Liberty, the Barclays Center operating company, and more--paid "$10.3 million" for that gorgeous vaulted space in a foreclosure auction.
(The price, according to city records, was $10,265,275.)
The tower, for some 80 years the tallest building in Brooklyn at 512 feet but since eclipsed by many new towers, was an office building, with a bank at the base until 2006, after which the office space was converted to condos.
 |
| The cost, via ACRIS |
(Here's Brownstoner's history of the building and the publication's 2019 coverage of minor modifications to the built-in architectural furniture.)
The retail space, used for example as a temporary home for the Brooklyn Flea (photos here), never found a permanent tenant, and debts mounted.
What's next?
While a BSE rep confirmed the sale to the Real Deal, they wouldn't comment on the proposed use.
My guess: if it's an adjunct to the arena, it will serve high-rollers and/or more expensive products, perhaps with entry tied to tickets or reservations.
Could it be a showroom for the clubs and suites? A pre-game lounge for high-rollers? A retail space for "exclusive" products?
(They're not putting any basketball in there, right? That would be sacrilege. And it wouldn't fit. They have to work with the landmarked interior or, as was proposed)
The space was described as 41,400 square feet, but that covers the ground floor and, presumably, the mezzanine and below-grade space, since the lot is 99' x 210', meaning 20,790 square feet.
BSE growth
Joe Tsai's BSE Global, flush with new cash from a 15% investment from the family of Julia Koch, has recently bought Brooklyn Magazine, planning a larger media enterprise.
It's also pursued plans to put a youth basketball program in the closed Modell's store on Site 5 across Flatbush Avenue from the arena. And it envisions a hotel, conference center, and more.
Financial problems
As the Real Deal noted, Madison Realty Capital and the private equity firm Siguler Guff in 2015 paid $18 million for the condo.
They had ambitious plan; after all, the space was essentially across the street from an Apple Store and a Whole Foods, in the base of the 300 Ashland Place tower.
But it wasn't easy to find tenants, and the pandemic made things worse.
 |
| NYC Landmarks Preservation Commission |
Some history
Williamsburg, of course, is in the north of Brooklyn, and the bank's 1875 headquarters, landmarked as well, is on Broadway in Williamsburg opposite the Peter Luger steakhouse.
That bank, which also uses the original "Williamsburgh" spelling, was sold in 2010 and, after three years of work, converted into the events space Weylin.
In the late 1920s, bank managers sought a new home near the Atlantic Terminal station, essentially extending the southeast edge of Downtown Brooklyn.
But the Great Depression scotched further development, so the bank building--notable for housing numerous practitioners of the dental arts--remained a graceful solo act, with its stepped setbacks.
The bank and Atlantic Yards
When Atlantic Yards was announced in 2003, developer Forest City Ratner claimed the 620-foot flagship tower, which architect Frank Gehry dubbed "Miss Brooklyn," wouldn't block the bank's signature clock.
After some pressure, they downsized the height of that tower to a symbolic 511 feet, but didn't shrink its bulk.
That tower was never built, and developer Greenland USA aims to move that bulk across Flatbush Avenue to Site 5 for a giant, two-tower project.
Meanwhile, even the far shorter B2 tower, 461 Dean Street on the arena's south flank, blocks the clock when viewed from Flatbush Avenue.
Even though the 300 Ashland building has a wedge cut out to maintain views of the clock, such views, depending on your position, are blocked by other buildings.
More views of the interior
Below, views of the bank interior from a 2019 presentation to the New York City Landmarks Preservation Commission.
Comments
Post a Comment