A landmark building at 9 DeKalb Avenue, located between Fleet Street and Flatbush Avenue Extension in Downtown Brooklyn, was sold in an all-cash transaction valued at $90,000,000. This transaction is a rare acquisition of one of the most architecturally significant properties in all of New York City.
Originally built in the mid-1850s for the Dime Savings Bank of New York, the five-story iconic structure features over approximately 70,000 gross square feet with approximately 315,000 square feet of transferable development rights. The air rights can potentially be put to use at a neighboring development site or used to build out the maximum envelope of the site of approximately 450,000 square feet. Previously, the property operated as a bank with offices on the above floors. The property was delivered vacant upon sale. The property is situated in the heart of Downtown Brooklyn, the borough’s largest and most important central business district.
The influx of residential and hotel development has motivated retailers to capitalize on the growing opportunity within the area. It is steps from the Fulton Mall and City Point, which see over 100,000 daily shoppers. The residential market in the Downtown Brooklyn area has been driven by record low inventories and strong demand for available housing. Surrounding luxury developments include 388 Bridge Street and Brooklyn Air. It is also around the corner from MetroTech Center, the New York City Fire Department headquarters, and offices for tenants including Brooklyn Nets, and National Grid.
“Rarely does an iconic building like this become available. The landmarked status of the property insures the asset will remain intact but the development rights will help the adjacent development become yet another iconic building for the city’s skyline,” said Cushman & Wakefield’s Bob Knakal, Chairman, New York Investment Sales, who exclusively handled this transaction with James Nelson and Stephen Palmese. “It was a great honor to be part of such a significant and important sale for Brooklyn. With the assemblage, it will become the most visible development in the borough,” said Nelson.
“It was an incredible opportunity to be entrusted by such a prestigious institution to market the property and then successfully execute the sale with one of New York City’s most prolific developers,” added Palmese. The property was purchased by JDS Development and The Chetrit Group with the counsel of Kasowitz, Benson, Torres & Friedman LLP and the assistance of Sukenik, Segal & Graff, P.C., who represented the borrower. The seller was represented by Herrick, Feinstein LLP.
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