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

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

TRD New York /
Jan.January 06, 2016 08:00 AM

The 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.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Adam Neumann and Marcelo Claure (Getty)

Poof! Adam Neumann’s $185M WeWork gig disappears

Poof! Adam Neumann’s $185M WeWork gig disappears
Public Advocate Jumaane Williams (Getty; iStock)

“It’s compliance warfare”: Industry slams landlord accountability bills

“It’s compliance warfare”: Industry slams landlord accountability bills
Stephen Ross and Time Warner Center (Getty)

Stephen Ross slashes price of Time Warner Center penthouse

Stephen Ross slashes price of Time Warner Center penthouse
AMC’s financial woes have left the movie theater chain strapped for cash and facing in-court restructuring of its liabilities. (iStock; Getty)

AMC faces serious cash crunch despite theaters reopening

AMC faces serious cash crunch despite theaters reopening
Pretium CEO Don Mullen and Ares Management CEO Michael Arougheti (Photos via Pretium; Getty)

Pretium, Ares agree to buy Front Yard Residential

Pretium, Ares agree to buy Front Yard Residential
arrow_forward_ios

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

Loading...