The Real Deal New York

Treeline, Long Wharf buy retail condo at WeWork building in DoBro

The seller, Banco Santander, will continue to lease ground-floor space

January 06, 2016 08:00AM
By Konrad Putzier

Montague SchorThe Treeline Cos. and Long Wharf Property Partners scooped up a retail condominium unit at 195 Montague Street in Downtown Brooklyn for $20.5 million.

Banco Santander, which currently occupies the space, is the seller and will stay on as a tenant. As part of the deal, the Spanish bank signed a three-year lease with an option to extend. The condo includes 7,000 square feet of ground-level retail and a 25,000-square-foot basement that is now used as a garage and office space, Treeline’s Michael Schor told The Real Deal.

DTZ’s Richard Bernstein represented Banco Santander, while the buyers were represented in-house.

With the deal, Treeline and Long Wharf now own nine out of 15 condo units in the 14-story building, Schor added. In November, shared-office company WeWork signed a 77,000-square-foot lease at the building, which will be its first location in Downtown Brooklyn.

In October, Treeline sold the nearby office building 180 Livingston Street to Thor Equities for $136 million.