The Real Deal New York

Conversion work underway at historic Bed-Stuy bank

Old Roosevelt Savings Bank at 1024 Gates Avenue to yield 50 residential apartments

August 20, 2014 01:30PM

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From left: Exterior of 1024 Gates Avenue and a zoning diagram of the site

From left: Exterior of 1024 Gates Avenue and a zoning diagram of the site

Work is reportedly now underway at Bedford-Stuyvesant’s old Roosevelt Savings Bank, where the 1907-built structure is being converted into 50 apartments.

Department of Buildings permits show plans to lift the one-story ceiling to squeeze in four additional floors and then add a sixth floor on top of the building. Ultimately, the 70-foot-high building will house a total of 34,937 square feet of residential space and 25 parking spots, while recreation rooms and lounges will also be included.

A separate permit filing, which has not secured DOB approval, calls for a more ambitious 86 apartments, and includes both the old bank and the existing parking lot behind it. The bank is not landmarked and no demolition permits have yet been filed, so it’s unclear if — or to what extent — the project will incorporate the old and new versions.

After being marketed as a redevelopment site, a limited-liability company purchased the property for $1.9 million in 2012, according to city records. [Curbed] Julie Strickland

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