Spanish firm Santander Bank is expanding its footprint in the outer boroughs. The company has just signed a 10-year lease at 893 Flatbush Avenue, bringing its total number of branches in the borough to 21.
The bank is taking 2,000 s/f of space in the two-story building. The deal closed at around $100 per s/f. According to real estate data firm Reonomy, the building, which offers 30 feet of frontage, was built in 1930.
Santander also signed a lease for a 2,100 s/f space in Mott Haven in the Bronx. The property is located at 389 East 149th Street. The 10-year lease closed at $125 per s/f, according to Sherr Equities. The Mott Haven location would be the bank’s second in the borough. Its other branch is located at 1416 East Avenue.
“Their team (Santander) and their brokers were completely professional, understood the market with great depth, and moved swiftly to secure these two prime locations from us. The landlord was very happy with the quality of the tenant and we worked very hard start to finish to make these two win-win deals happen,” said Harold Sherr, the CEO of Sherr Equities.
Sherr represented the landlords, 897 Flatbush Realty, LLC and Melrose Associates. Meanwhile, Dean Rosenzweig and Jeremy Scholder from CBRE, represented Santander.