The Real Deal New York

Jonathan Rose closes on Brooklyn Heights bank for $36.5M

Madison Capital paid $18M for the site in 2012

March 20, 2015 05:20PM
By Kyna Doles

181-183 Montague Street and Jonathan Rose

181-183 Montague Street and Jonathan Rose

Jonathan Rose Companies closed on a Brooklyn Heights bank building at 181-183 Montague Street for $36.5 million, according to property records filed with the city today.

The affordable housing development firm, led by Jonathan Rose, went into contract in July to buy the property from Madison Capital and the Prudential Insurance Company of America.

In 2012, Madison and Prudential paid $18.3 million for 31,000 square-foot building, which has development rights of 93,500 square feet.

No permits have been filed with the Department of Buildings for any alterations or a new building at the site, but Rose purchased the property under the name Montague Pierrepont Apartments, LLC, which could indicate he is looking to convert it into a residential building.

Citibank currently occupies 9,350 square feet of retail space in the building. Another 21,700 square feet of the property, which goes through Pierrepoint Street, is used for office space.

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