Investors Bank acquires Brooklyn Federal, but will unload real estate assets

New York /
Aug.August 17, 2011 07:08 PM

alternate
text
Investors Bancorp CEO Kevin Cummings and a Brooklyn Federal Savings branch at 81 Court Street

New Jersey-based Investors Bancorp acquired Brooklyn Federal Bancorp for $10.3 million, Long Island Business News reported, while unloading most of Brooklyn Federal’s commercial real estate loan portfolio to a separate, unnamed, real estate investment fund.

Brooklyn Federal is the parent company of Brooklyn Federal Savings Bank, which has five branches in Brooklyn and Long Island and has $470 million in assets and $411 million in deposits. With Brooklyn Federal in tow, investors will have $10.7 billion in assets, $7.2 billion in deposits and 85 branches in New Jersey, Brooklyn, Queens and Long Island.

Brooklyn Federal agreed to the transaction because of the increasing costs of complying with government regulation, such as Dodd-Frank, according to analysts interviewed by LIBN.

Brooklyn Federal has a wide range of real estate assets in New York City and Long Island, including five Alrose Group properties in the New York area, two properties on First Avenue on the Upper East Side, and formerly, the loan on the distressed Allen Hotel on the Lower East Side. [LIBN]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
The Watermark, a senior-living facility in Brooklyn Heights (Watermark)
High-end assisted living facilities popping up around the country
High-end assisted living facilities popping up around the country
The mansion used as a setting in the film "House of Gucci." (Airbnb)
Get your Gucci on: Mansion featured in Lady Gaga movie available on Airbnb
Get your Gucci on: Mansion featured in Lady Gaga movie available on Airbnb
Austin, Texas saw pricing of 5 to 9 percent above asking in the first six months of the year. (iStock)
In 10 years, homes in Austin, Texas go from bargain-basement to sky-high
In 10 years, homes in Austin, Texas go from bargain-basement to sky-high
Making money moves: Cardi B buying up real estate
Making money moves: Cardi B buying up real estate
Making money moves: Cardi B buying up real estate
New York Governor Kathy Hochul touring construction in the subway (Getty)
Hochul promises Second Avenue Subway work to advance in 2022
Hochul promises Second Avenue Subway work to advance in 2022
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...