Transition Acquisitions to convert former Bushwick bank into offices

58K sf property on Broadway once slated for apartments
March 22, 2016 02:18PM

Looking to tap into a strong Brooklyn office market, Transition Acquisitions plans to convert the former Globe Exchange Bank in Bushwick into offices.

Transition, a property owner and manager, bought the five-story, 57,800-square-foot building at 815 Broadway for $15.1 million from Douglas Steiner’s Steiner NYC in July 2015, according to city property records. Steiner had planned to turn the building, which used to house a Conway store, into 40 residential units.

The Commercial Observer reported the building, once renovated, will feature floors with windows on all four sides with views of Brooklyn, exposed brick and vaulted ceilings.The conversion, which is expected to cost $5 million, is slated to be finished by spring next year.

There will be 15,600 square feet of retail space on the ground floor, YIMBY reported. Medical offices are planned for the cellar level. BMG Design Build is serving as the architect on the project.

Newmark Grubb Knight Frank’s Ross Perlman and Ryan Gessin are marketing the building. A source told the Observer they are in the $40s per square foot.

Kings County has 48 million square feet of office space, and the fight for tenants is fierce in some parts of the borough. [CO and NY YIMBY]Dusica Sue Malesevic