The Real Deal New York

Blesso plans resi conversion of Williamsburg bank

The developer purchased the property in August for $33 million

October 01, 2015 12:55PM
By Kyna Doles

Blesso Properties and 525 Broadway

525-545 Broadway (inset: Matt Blesso)

UPDATED, 2:42 p.m., Oct. 1: Blesso Properties is planning to convert the former Lincoln Savings Bank in Williamsburg into a 36-unit mixed-use building, according to a permit application filed with the city’s Department of Buildings on Thursday.

The developer purchased the building at 525-545 Broadway, between Lorimer and Boreum streets, in August for $33 million from Broad and Boreum, LLC.

Behind the story:

Blesso Properties

Although the property offers nearly 190,000 buildable square feet available, Blesso plans to expand the 60,300-square-foot building to roughly 98,300 square feet. The building will also grow from four to 10 stories and include six apartments on each of the fifth through 10th floors.

Brooklyn-based Garrison Architects is the architect of record, the application shows.

Retail and offices will occupy 53,403 square feet of the bottom four floors. A 6,212-square-foot daycare center will also be on the first level.

Residential amenities include a library, reading room, recreation terrace and fitness room.

Current office tenants include Carnegie Management and Advanced Care Staffing.

Correction: An earlier version of this post misstated the year the bank was built.